Launch Your Other Financial Vehicles Business in Burnaby
Ready to launch an Other Financial Vehicles business in Burnaby? This page breaks down what you need to start a 525990 operation in Burnaby, BC, from the seven requirements you'll face to the permits, registrations, and costs involved. You’ll get a realistic timeline—from planning to launch—and practical steps you can take today to move forward with confidence. You’ll also see how to organize your budget and what to prepare in advance to avoid delays.
See the seven requirements laid out clearly, with actions you can take for each: what government registrations are required, how to apply for permits, and what documentation is usually needed. We cover typical costs (registration fees, permit fees, potential professional services), and a realistic timeline that helps you plan milestones. You'll also find tips to avoid common delays and ensure your Burnaby setup aligns with provincial and federal rules.
Why Burnaby? The city offers a growing financial services ecosystem, easy access to Vancouver and the broader Metro Vancouver market, and supportive local resources for new ventures. This combination makes it a smart starting point for launching an Other Financial Vehicles business in Canada.
Requirements Overview
The most critical requirement for operating a financial vehicle business in Burnaby is obtaining a Trust Company License. This license is legally required to conduct trust-related activities, and you cannot legally operate without it. Securing this license is non-negotiable and essential before you offer services or accept client assets.
Beyond licensing, there are mandatory operational requirements that keep your business compliant and safe. You’ll need to implement anti-money laundering controls for securities and ensure ongoing compliance with securities regulations. You must also handle provincial and federal obligations such as GST/HST registration, payroll deductions registration, and maintaining WorkSafeBC coverage for your employees. These items are regulatory must-dos and should be integrated into your business plan from day one.
Business Registration & Tax: To run legally in BC, you’ll need a Canada Revenue Agency Business Number (BN). If you’re operating as a sole proprietorship or partnership, you’ll also register your BC business name. The BN helps you manage taxes, payroll, and government filings, while a BC Name Registration protects the public name you’ll use for the business. If you hire staff, payroll-related registrations tie into that BN, so align these steps early.
Next steps: start by confirming the Trust Company License requirements with the BC regulator, then prepare your AML program and the necessary registrations. Set up your BN with the CRA, complete your BC name registration, and enroll for GST/HST and WorkSafeBC coverage, plus any payroll channels you’ll need. With a clear, practical plan and the right registrations in place, you’ll be well on your way to launching responsibly. If you’d like, I can help you build a concrete checklist tailored to Burnaby.
Detailed Requirements
Here are the specific requirements for starting a other financial vehicles 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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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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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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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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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.
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