Start Other Credit Intermediation Activities in Burnaby Today
This page helps Burnaby-based entrepreneurs explore starting a business in the NAICS 522390 sector—Other Activities Related to Credit Intermediation. It breaks down what you’ll need to get off the ground, from the seven core requirements to the permits and registrations that may apply in Burnaby. Expect a clear, practical overview of costs and the typical timeline, plus ready-to-use steps to move you from idea to launch.
You’ll learn exactly what the seven requirements cover, how to prepare your business structure, what licenses or registrations you’ll need, and how to set up essential controls—banking, bookkeeping, privacy compliance, and insurance. We’ll outline permit steps, estimated startup costs (from software and licensing to insurance premiums), and a realistic timeline so you can plan your cash flow and milestones with confidence.
Burnaby is a great base for this line of work, with supportive local resources, a thriving business scene, and convenient access to Vancouver’s talent pool. The city’s infrastructure and proximity to partners make it easier to navigate regulatory steps and grow your credit intermediation activities in Canada.
Requirements Overview
The most critical requirement for operating a business in Burnaby is Business Number (BN) Registration. This number is issued by the Canada Revenue Agency and is the official ID you’ll use to interact with federal and provincial agencies, open a bank account, and handle taxes and filings. You cannot legally operate a business in Burnaby without a BN, and this is non-negotiable. While the BN is the starting point, other registrations also apply to activities related to credit intermediation, so plan for a broader compliance path.
Mandatory operational requirements include health and safety and regulatory registrations. Ensure WorkSafeBC coverage and registration to meet workplace safety rules, which protects your employees and helps you avoid penalties. For financial services activity, you’ll likely need FINTRAC registration (anti-money laundering) to monitor and report suspicious transactions. Depending on the exact nature of your credit intermediation work, there may also be additional regulatory registrations tied to operating as a financial institution. These requirements are ongoing and require timely renewals and reporting.
Business Registration & Tax: In addition to the BN, you’ll want to handle BC-specific business registrations and tax numbers. If you operate under a name other than your own, register the BC Business Name (for sole proprietorships or partnerships). You’ll also need to manage GST/HST registration if you meet applicable thresholds or want to collect tax from customers. If you hire employees, set up Payroll Deductions Registration and related payroll tax obligations with the Canada Revenue Agency. Getting these in place helps ensure your books stay compliant and accurate.
You’ve got this—start with securing your BN, then methodically complete the safety, AML, and business-name/tax registrations. Gather the needed documents, set a realistic timeline, and consider a quick advisory chat to confirm exact requirements for your specific credit int
Detailed Requirements
Here are the specific requirements for starting a other activities related to credit intermediation in Burnaby:
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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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Financial Institution Registration RequiredFinancial institutions must be registered/licensed with federal (OSFI) or provincial (FSRA) regulators depending on incorporation and services offered. OSFI regulates federally incorporated banks, trust companies, insurance companies. Bank Act, Trust and Loan Companies Act, Insurance Companies Act. Provincial alternatives for credit unions. Minimum capital requirements. Governance requirements. Contact OSFI: 1-800-385-8647.
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FINTRAC Registration (Anti-Money Laundering) RequiredFinancial services must register with FINTRAC and implement anti-money laundering and terrorist financing compliance programs. Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Mandatory for: MSBs, casinos, real estate, securities, accountants, BC notaries. Register online. Compliance program required. Suspicious transaction reporting. Large cash reporting ($10K+). Keep records 5 years. Contact FINTRAC: 1-866-346-8722.
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BC Business Name Registration (Sole Proprietorship/Partnership) RequiredRegistration of sole proprietorship or partnership business names with BC Registries Register sole proprietorship or partnership at bcregistry.gov.bc.ca. Name reservation: $30 (standard) or $100 (priority 1-2 days). Registration fee: $40. Total: ~$70. Name reserved for 56 days after approval. Registration is continuous (no renewal required). No name protection for sole proprietorships. Personal names operating under own name do not require registration. Contact BC Registries: 1-877-526-1526.
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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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WorkSafeBC Coverage and Registration ConditionalRequired if you have workers in BC. Workers compensation insurance coverage through WorkSafeBC for employers in British Columbia WorkSafeBC coverage required for most BC employers. Average base premium rate: 1.55% of assessable payroll ($1.55 per $100). Register online at worksafebc.com. Apply 30 days before starting business or hiring workers. Processing: ~10 business days. Premium rates vary by industry classification (514 classification units). COR certified employers eligible for 10% rebate. Contact: 604-276-3100 or 1-888-967-5377.
Funding & Grants
Available funding programs that may apply to your other activities related to credit intermediation:
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The Invest Nova Scotia Payroll Rebate is a negotiated incentive for knowledge-based companies creating at least 20 net new full-time positions in Nova Scotia. The rebate is 5–10% of eligible gross payroll, disbursed annually over a set period (typically up to 5 years), after audited confirmation of job creation. Eligible …
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