Launch Your Portfolio Management and Investment Advice Firm in Burnaby
This page walks you through eight essential requirements to start a portfolio management and investment advice business in Burnaby (NAICS 523940). It outlines what you need to register, obtain permits, license to advise on investments, and set up your operations. You’ll get a practical, step-by-step view of expected costs and a realistic timeline to get your firm up and running in Burnaby.
What you’ll learn: the eight requirements, plus practical tips on licensing and registrations, permits, insurance, compliance programs, technology and data security, client onboarding, and day-to-day operations. We break down typical startup costs (licenses, office space or virtual setup, software, cybersecurity) and the timeline from initial registration to serving clients.
Why Burnaby works: a growing local market for financial services, proximity to Vancouver’s business community, access to skilled talent, and a supportive small-business climate—all at a sensible cost. This combination makes it a smart place to launch your portfolio management and investment advice practice.
Requirements Overview
The most critical requirement for operating a portfolio management and investment advice business in Burnaby is Business Number (BN) Registration. This is legally required to open bank accounts, file taxes, and interact with government agencies; you cannot legally run the business without it. The BN is your unique ID with the Canada Revenue Agency and related authorities, and without it you won’t be able to establish banking, remit taxes, or fulfill regulatory reporting. This requirement is non-negotiable.
Beyond the BN, there are essential operational and compliance steps. Anti-Money Laundering (Securities) controls are mandatory to prevent illicit activity. If your services involve mutual funds, MFDA membership is typically required, and IIROC membership may be needed for other advisory or dealer activities. You’ll also need GST/HST registration if you bill clients for goods or services, and Payroll Deductions Registration if you hire staff. Finally, arrange WorkSafeBC coverage to protect employees and meet provincial workplace safety rules.
Business Registration & Tax: In addition to the BN, register a BC Business Name if you’ll operate under a name other than your own; otherwise you may transact under your personal name. Ensure GST/HST registration is in place for collecting and remitting sales tax. Set up Payroll Deductions to handle employee withholdings and related reporting. Keep on top of these registrations and renewals as your business grows.
Next steps: start with the BN and name registration, then confirm which regulatory memberships apply to your client offering. Build a simple AML program, select your tax registrations, and plan for payroll and workplace coverage. If you want, I can tailor a practical, check‑listed plan to your exact business model and timeline.
Detailed Requirements
Here are the specific requirements for starting a portfolio management and investment advice 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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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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MFDA Membership (Mutual Fund Dealers) ConditionalRequired for specific regulated activities. Mutual fund dealers must be members of the Mutual Fund Dealers Association (MFDA) and comply with sales practices, proficiency, and compliance requirements. MFDA (now CIRO) mutual fund dealer membership. Capital requirements. Compliance systems. Dealing representatives. Contact CIRO: 1-888-466-6332.
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IIROC Membership ConditionalRequired for specific regulated activities. Investment dealers trading in securities must be members of the Investment Industry Regulatory Organization of Canada (IIROC) and comply with trading rules, capital requirements, and client protection. IIROC (now CIRO) dealer membership. Capital requirements. Compliance systems. Registered representatives. Contact CIRO: 1-877-442-4322.
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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 portfolio management and investment advice:
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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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