Launch a Pension Funds Business in Burnaby: A Practical Guide
This page helps you start a pension funds business in Burnaby (NAICS 525110). It delivers a practical, step-by-step overview that covers the 7 essential requirements, the permits you’ll need, startup costs, and a realistic timeline to move from idea to operation. You’ll also find practical tips on choosing a legal structure, picking advisors, and building governance and compliance basics as you grow.
What you’ll learn includes a clear requirements overview (the seven checks you must complete) and how they apply in Burnaby, the licenses and permits for financial services, and typical startup costs—office setup, technology, insurance, and professional fees. You’ll see a realistic timeline from registration to first fund administration, plus milestones for capital raising, hiring, and client onboarding.
Burnaby is a strong fit for pension funds ventures thanks to its growing financial services cluster, talent pool from local colleges, and easy access to Vancouver’s larger market. The city’s supportive business environment helps you navigate regulatory requirements and connect with potential partners, making this a smart place to launch a pension funds firm.
Requirements Overview
The most critical requirement for operating a pension funds business in Burnaby is the Trust Company License. This license is not optional—it's the legal permission needed to hold and manage trust funds and provide fiduciary services. Without it, you cannot legally operate in this space. Securing this license from the BC regulator is the non-negotiable foundation for starting and running a pension fund operation in Burnaby.
Beyond the license, you’ll need practical compliance and safety measures. Establish strong anti-money laundering controls for securities transactions to protect clients and satisfy regulators. Ensure your workforce is covered with WorkSafeBC, with proper registration and health-and-safety practices. These operational requirements help you run a responsible business while reducing risk.
On the business registration and tax side, you’ll need a Business Number (BN) from the Canada Revenue Agency and, depending on how you structure your operation, BC Business Name Registration (if you operate under a name other than your own). You’ll also handle GST/HST registration as your revenue grows, and payroll deductions registration if you employ staff.
Next steps: map out a timeline, gather the required documents, and connect with the regulator or a regulatory advisor to confirm specifics for Burnaby. Start with the Trust Company License application, then set up your AML program and safety plan, and align your registration and tax numbers. With a clear plan and the right approvals, you’ll be on solid ground to launch your pension fund operation.
Detailed Requirements
Here are the specific requirements for starting a pension 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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