Launch Your Real Estate Credit Business in Burnaby Today
This page is your practical starter guide to launching a Real Estate Credit business in Burnaby, aligned with NAICS 522292. We outline the seven requirements you’ll need to meet, plus the permits, registrations, and accounts required to operate smoothly. You’ll also get a realistic look at startup costs and a clear timeline so you can plan with confidence rather than guesswork.
You’ll learn the seven-step path to licensing and compliance in British Columbia, including business registration, regulatory permits, insurance and risk controls, a compliant lending framework, and the operational setup to serve clients. The guide also covers an overview of costs and a practical timeline from initial setup to your first revenue, so you know what to expect and when.
Burnaby combines a growing real estate market with easy access to Vancouver’s financing ecosystem, a business-friendly community, and potential startup savings. That makes it a smart place to start a real estate credit venture and grow with local lenders and developers.
Requirements Overview
The most critical requirement for operating a real estate credit business in Burnaby is Business Number (BN) Registration. This is a legal, non-negotiable mandate—you cannot legally run your business without a BN. The BN is your main government identifier for taxes and regulatory accounts, so securing it before you do anything else is essential.
Beyond the BN, there are mandatory operational registrations to keep money handling and workplaces compliant. You’ll need FINTRAC registration for anti-money-laundering rules, and you may also need Financial Institution Registration depending on the services you offer. In addition, WorkSafeBC coverage and registration is required to protect workers and meet employer obligations. These registrations ensure you operate lawfully and provide a safe, trustworthy service to clients.
On the business and tax side, BC Business Name Registration is needed if you plan to operate as a sole proprietorship or partnership under a trade name. You’ll also handle tax registrations such as GST/HST (required if you meet the threshold or you opt to register voluntarily) and Payroll Deductions Registration if you have employees. These steps round out your official business identity and tax setup, helping you stay compliant as you grow.
Next steps: set up a simple compliance plan, obtain your BN, and then register with FINTRAC, WorkSafeBC, and the appropriate BC and federal authorities. If you’d like, I can lay out a practical 4-step checklist and point you to the official portals. You’ve got this—taking these steps now will set you up for a smooth, compliant start in Burnaby.
Detailed Requirements
Here are the specific requirements for starting a real estate credit 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 real estate credit:
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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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