Launch Your Sales Financing Business in Burnaby Today
This page gives you a practical blueprint for starting a sales financing business (NAICS 522220) in Burnaby. Learn how to navigate the seven requirements, obtain the right permits, and set up for success with realistic startup costs and a clear timeline to launch. Whether you’re new to lending or expanding your service offerings, you’ll find actionable steps you can take today.
What you’ll learn: a step‑by‑step path to meet the seven requirements, plus how to draft a practical business plan, estimate capital needs, and register your company. We’ll cover essential permits and licenses (including a Burnaby business license), basic compliance checks, insurance, and software needs. You’ll also see rough cost ranges, from setup and licensing fees to ongoing operating costs, and a realistic timeline from incorporation to your first funded deal.
Burnaby is a strong fit for a niche like sales financing: a dynamic business hub with access to local lenders, professional services, and a growing network of SMBs. The NAICS 522220 code positions you clearly in the financing space, helping you connect with clients and partners while you scale. If you’re ready to start in Burnaby, this page helps you turn ambition into a compliant, profitable business faster.
Requirements Overview
The most critical requirement for operating a business in Burnaby is Business Number (BN) Registration. This federal identifier is needed to handle taxes, payroll, and invoicing with the Canada Revenue Agency, and you cannot legally run a sales financing business without it. Getting your BN is non-negotiable; it unlocks banking, filings, and the ability to apply for other registrations you’ll need as you grow.
Mandatory Operational Requirements: Health, safety, permits, and related compliance are the foundation of day-to-day operations. Health and safety come first with WorkSafeBC Coverage and Registration to protect workers and meet provincial rules. If you’ll operate under a name other than your own, you’ll need BC Business Name Registration. You’ll also deal with anti-money‑laundering controls via FINTRAC Registration, and, if you handle customer funds, Financial Institution Registration. For ongoing compliance, plan for GST/HST Registration (when your revenue reaches the threshold) and Payroll Deductions Registration if you hire staff.
Business Registration & Tax: Beyond naming and controls, your core registrations keep your books in order. The BN is the federal ID you’ll use for tax accounts and payroll; BC Business Name Registration confirms your operating name in the province. Pair these with GST/HST and Payroll Deductions so you can collect and remit the right taxes and withholdings. Keeping these straight helps you stay compliant and avoid penalties.
Encouragement: Ready to get started? Gather your plan, then apply for your BN with the CRA, check whether you need BC Business Name Registration, and register for GST/HST and payroll if applicable. Don’t forget FINTRAC and WorkSafeBC registrations, and set up your banking and invoicing systems. Take it step by step, and you’ll have a solid, practical foundation to launch your Burnaby sales financing business.
Detailed Requirements
Here are the specific requirements for starting a sales financing 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 sales financing:
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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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