Start Your Open-End Investment Funds in Winnipeg Today
This page offers a practical, friendly guide to starting an open-end investment funds business in Winnipeg (NAICS 525910). You'll find clear steps to structure, register, and operate a compliant fund. We walk through the nine requirements, the permits and licenses you may need, typical startup and ongoing costs, and a realistic timeline—so you can plan with confidence instead of guesswork. From business structure and filings to fund administration and ongoing reporting, you’ll see a practical, step-by-step roadmap.
Here’s what you’ll learn: a concise requirements overview covering the nine prerequisites, the regulatory permits and approvals, the cost ranges you should budget for, and a realistic timeline from incorporation to your first fund offer. You’ll get actionable next steps, checklists, and tips to avoid common delays, plus guidance on staying compliant with provincial and federal rules.
Winnipeg’s growing financial services scene, skilled local talent, and access to regional investors make it a smart home for open-end funds.
Requirements Overview
The most critical requirement for operating a business in Winnipeg is the Trust Company License. This license is required for anyone who intends to act as a trust company or run an open-end investment fund in Manitoba. Without this license, you cannot legally offer or manage a fund, so it is non-negotiable. Once you have the license, you can proceed to meet the other essential setup steps.
After licensing, focus on regulatory compliance and day-to-day operations. You’ll need to implement anti-money laundering controls for securities to verify customers and monitor transactions. If you have employees, you must register for Manitoba Workers’ Compensation (WCB) and set up payroll deductions. Depending on your business structure, you may also have ongoing obligations for GST/HST collection and remittance.
On the registration and tax side, you’ll handle several items. Secure a Canada Revenue Agency Business Number (BN) to manage taxes, payroll, and other filings. Register your Manitoba business name with the Companies Office, and decide whether your business will be a partnership or a Manitoba corporation. You’ll also register for GST/HST and, if you have employees, Manitoba WCB Employer Registration.
Next steps: consult with a regulatory advisor, start the license application for a Trust Company, and begin the registrations listed above. With a clear plan and support, you’ll move from compliance to growth—taking practical, manageable steps one at a time. You’ve got this.
Detailed Requirements
Here are the specific requirements for starting a open-end investment funds in Winnipeg:
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Business Number (BN) Registration RequiredA 9-digit Business Number is required for most businesses operating in Canada. It is used to interact with the Canada Revenue Agency and other federal programs. Required for GST/HST, payroll, corporation income tax, and import/export accounts. Register FREE online through Business Registration Online (BRO) at canada.ca. Takes 15-30 minutes. As of November 3, 2025, online registration is MANDATORY for new BNs - phone registration no longer available. You'll need: business name, address, owner SIN, business type, and start date. BN (9-digit number) issued INSTANTLY online. Available 21 hours/day, 7 days/week (closed 3-6am ET for maintenance).
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Trust Company License RequiredTrust companies must be licensed by federal (OSFI) or provincial regulators and comply with fiduciary standards, capital requirements, and trust administration rules. OSFI Trust and Loan Companies Act licensing. Federal trust company charter. Capital requirements. Contact OSFI: 1-800-385-8647.
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Manitoba Business Name Registration (Companies Office) RequiredBusinesses in Manitoba operating under a name other than the owner's personal name must register with the Companies Office of Manitoba. This includes sole proprietorships, partnerships, and business names for corporations. Registration provides legal recognition and is necessary for banking, licensing, and business operations. Registration can be completed online or in person. Sole proprietorship and partnership registrations must be renewed annually. Corporate names are registered through the incorporation process. Register business name with Manitoba Companies Office: 1. File Request for Name Reservation ($45) - check availability 2. Name reserved for 90 days if approved 3. File Business Name Registration form ($60) 4. Submit online or by paper 5. Registration valid for 5 years 6. Renew before expiry ($60)
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Partnership Registration ConditionalRequired for partnerships. Registration of partnerships. Register partnership with Companies Office: 1. Complete partnership registration 2. Submit through registry 3. Pay registration fees General and limited partnerships. Annual filing may be required.
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Anti-Money Laundering (Securities) ConditionalRequired for securities activities. Securities dealers and fund managers must implement AML/ATF programs, conduct client identification and verification, report suspicious transactions to FINTRAC, and maintain compliance. FINTRAC registration and AML/ATF compliance for securities dealers. Know Your Client (KYC). Customer Due Diligence (CDD). Suspicious Transaction Reporting. Annual review. Training requirements. Contact FINTRAC: 1-866-346-8722.
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GST/HST Registration ConditionalRequired if annual taxable revenue exceeds $30,000 (small supplier threshold). Taxi/ride-share drivers must register regardless of revenue. Businesses with gross revenues over $30,000 in any single quarter or over four consecutive quarters must register for, collect, and remit GST/HST. Small suppliers (under $30,000) may register voluntarily. Register FREE online through Business Registration Online (BRO) when your revenue exceeds $30,000 in any 4 consecutive quarters (small supplier threshold). Takes 15-30 minutes. You MUST register within 29 days of exceeding threshold and start charging GST/HST immediately on the sale that made you exceed it. Need your BN (or get one simultaneously). As of Nov 3, 2025, online registration is mandatory. Voluntary registration available anytime for input tax credits.
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Payroll Deductions Registration ConditionalRequired if you pay salaries, wages, or other remuneration to employees. Must register before first pay period. Required if you have employees. You must withhold Canada Pension Plan (CPP), Employment Insurance (EI), and income tax from employee wages and remit to CRA. Register FREE online through Business Registration Online (BRO) when you hire your first employee. Takes 15-20 minutes. You'll need your Business Number (BN) or can get one simultaneously. Payroll account (RP) added to your BN instantly. Register BEFORE your first pay date. Required to deduct CPP, EI, and income tax from employee wages. For 2025: CPP rate 5.95%, EI employee rate $1.66/$100 insurable earnings.
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Manitoba Corporation Registration ConditionalRequired if incorporating in Manitoba. Incorporation under Manitoba law. Incorporate through Manitoba Companies Office: 1. Conduct NUANS name search 2. Prepare articles of incorporation 3. Submit application 4. Pay incorporation fee ($350) Annual return required ($50). Registered office in Manitoba required.
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Manitoba WCB Employer Registration ConditionalRequired if you have employees in Manitoba. Employers in Manitoba must register with the Workers Compensation Board of Manitoba (WCB) and maintain coverage if they employ workers. WCB provides no-fault insurance for workplace injuries and diseases. Most employers are required to register, with some industry-specific exemptions. Registration should occur before or upon hiring the first worker. Employers pay assessments based on their industry classification rate and assessable payroll. Register with Workers Compensation Board of Manitoba: 1. Determine if coverage is mandatory for your industry 2. Register online at wcb.mb.ca 3. Provide business and payroll information 4. Receive industry classification (175 categories) 5. Pay premiums based on rate x payroll 6. Average rate: $0.95 per $100 payroll (lowest in Canada) 7. Report annually and pay premiums
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