Start a Trust, Fiduciary, and Custody Business in Burnaby Today
This page helps you start a Trust, Fiduciary, and Custody Activities business in Burnaby under NAICS 523991. You’ll get a practical, step-by-step overview of the eight regulatory requirements, the permits and licenses you’ll need, expected setup costs, and a realistic timeline from concept to active operation. Along the way, we share simple checklists, common pitfalls, and tips to stay compliant.
What you’ll learn: the exact order to meet the eight requirements, which registrations apply, and which permits and licenses you must secure. We break down typical costs—registration, professional fees, insurance and bonding—plus ongoing compliance and annual renewal costs. You’ll also get a practical timeline from setup to first client onboarding, helping you plan a smooth launch.
Burnaby’s ready-made business ecosystem—close to Vancouver, strong local resources, and supportive regulators—makes it a smart spot to offer fiduciary services. With the right plan, you can meet all eight requirements and start serving clients sooner than you think.
Requirements Overview
The most critical requirement for operating a trust, fiduciary, and custody activities in Burnaby is the Business Number (BN) Registration. This government-issued identifier from the Canada Revenue Agency is used to handle taxes, payroll, and most government filings. You cannot legally operate without a BN, and you will need it before filing returns, setting up accounts, or interacting with tax and regulatory programs. This requirement is non-negotiable and foundational to everything else you do.
Beyond the BN, there are mandatory operational requirements that ensure you run things safely and within the rules. If your activities involve securities, you must meet anti-money laundering (Securities) obligations. You may also need professional memberships such as MFDA (Mutual Fund Dealers) and IIROC (Investment Industry Regulatory Organization of Canada), depending on the services you offer. If you have employees, WorkSafeBC coverage and registration are required. In addition, GST/HST registration is part of ongoing compliance for tax collection, alongside ongoing payroll obligations.
On the business registration and tax side, BC requires you to register a BC Business Name if you’re operating as a sole proprietorship or partnership. You’ll also use your BN to register for GST/HST if your revenue crosses the threshold or you choose to register earlier. Payroll Deductions Registration is needed if you have employees. These registrations should be kept current to avoid penalties and to ensure you can legally collect taxes and manage payroll.
Next steps: map out your exact services, confirm which registrations apply to your business structure, and set up a simple compliance calendar. Start with obtaining your BN, complete any required BC name registration if applicable, and enroll in the relevant securities, tax, and workplace safety programs. If you’re unsure, reach out to a regulatory adviser or the appropriate government agencies to tailor a Burnaby-specific plan.
Detailed Requirements
Here are the specific requirements for starting a trust, fiduciary, and custody activities 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 trust, fiduciary, and custody activities:
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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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