Launch an Other Insurance Funds Business in Burnaby Today
This page guides you through starting an Other Insurance Funds business (NAICS 525190) in Burnaby. It offers a practical, step-by-step overview with a clear seven-requirement checklist, estimated startup costs, and the permits you’ll need to obtain before you operate. Use it to map your timeline from first steps to opening day, including your initial capital, registrations, and ongoing compliance needs.
Here’s what you’ll learn: the seven essential requirements you must meet to register and operate legally, the permits and licenses involved, expected startup costs, and a realistic timeline from filing to approval. We'll break down each step in plain language and show practical, field-tested actions you can take right away.
Burnaby’s approachable business climate and access to talent and services make it a strong fit for insurance-focused funds. With supportive local resources and proximity to Vancouver’s financial hub, you’ll have opportunities to grow while staying compliant and cost-conscious. This is a practical, bookmark-worthy resource you can refer back to as you plan your path.
Requirements Overview
The most critical requirement for operating a business in Burnaby is the Trust Company License. This is legally required to operate a funds or trust-related business and you cannot operate without it. In practice, the license governs who may handle trust assets and supervise fiduciary activities for insurance funds, so obtaining it upfront is non-negotiable. If you’re aiming to start an insurance fund operation, securing this license should be your first major milestone before tackling anything else.
Beyond licensing, you’ll want solid, ongoing compliance and safety practices. In the regulatory realm, Anti-Money Laundering controls for securities are required to prevent misuse of funds and to report suspicious activity. For your team, Payroll Deductions Registration is needed so you can correctly withhold and remit deductions. And for employee safety, WorkSafeBC Coverage and Registration is mandatory, ensuring a safe workplace and meeting province-wide safety laws.
On the registration and tax side, you’ll need a Business Number (BN) registration with the Canada Revenue Agency, and you may also need BC Business Name Registration if you operate as a sole proprietor or partnership. Plan for GST/HST registration if your taxable supplies meet the threshold. These identifiers keep your books straight and ensure you can file taxes, issue receipts, and stay compliant with reporting.
Next steps: connect with the regulator to start your license application, set up your BN and name registration, and register for GST/HST as required. Build a simple compliance calendar, gather the needed documents, and consider professional help to tailor a plan for your Burnaby insurance fund. With clear milestones and support, you’ll move from setup to steady operations smoothly.
Detailed Requirements
Here are the specific requirements for starting a other insurance funds 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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