Launch a Trust, Fiduciary, and Custody Activities Firm in Calgary
This page explains how to start a Trust, Fiduciary, and Custody Activities business in Calgary under NAICS 523991. It lays out the practical steps, including the 11 requirements, permits you'll need, and the overall path from idea to compliant launch. You’ll find a concise requirements overview, typical start-up costs, and realistic timelines to set expectations.
You’ll learn exactly what’s required, including licensing steps, governance and fiduciary standards, client trust protections, record-keeping, privacy, anti-money laundering controls, and ongoing reporting. We break down costs (filing fees, compliance program investments, and ongoing renewals) and share a practical timeline from initial assessment to first compliant filing and launch.
Calgary’s robust financial services ecosystem, professional networks, and business-friendly climate make it a strong fit for fiduciary and custody services. With local regulators, banks, and trusted advisers nearby, you’ll have a clearer path to success—and faster timelines to begin serving clients in this growing market. It’s a practical, doable path.
Requirements Overview
The most critical requirement for operating a trust, fiduciary, and custody activities business in Calgary is obtaining a Business Number (BN) registration. This federal registration from the Canada Revenue Agency is the foundation for taxes, banking, and regulatory filings, and you cannot legally run the business without it. This is non-negotiable—secure your BN before pursuing other licences or registrations.
Next, focus on mandatory operational requirements that keep the business compliant and safe. You’ll need a Calgary business licence to operate locally, and if you hire staff, you must arrange Alberta WCB Employer Registration and set up Payroll Deductions. For securities-related work, implement Anti-Money Laundering (Securities) controls, and consider MFDA Membership (Mutual Fund Dealers) and IIROC Membership if your business activities fall under those regimes. Also plan for GST/HST registration as soon as you become liable to collect it, or as soon as you hit the registration threshold.
For business structure and tax handling, complete the appropriate registrations. Alberta Business Name Registration applies if you operate as a sole proprietorship or partnership, while Alberta Corporation Registration is needed if you incorporate. If you form a partnership, you’ll need Partnership Registration. Alongside these, ensure GST/HST registration and Payroll Deductions Registration are in place to manage taxes and employee withholdings.
You’re ready to start with a practical plan: list the regulatory and licensing steps, pick your business structure, and tackle BN and the city licence first. Then address next registrations (name, corporate status, GST/HST, payroll), and align with AML and regulatory memberships as needed for your services. If you’d like, I can map a quick 30–60 day checklist tailored to your specific trust/fiduciary/custody activities.
Detailed Requirements
Here are the specific requirements for starting a trust, fiduciary, and custody activities in Calgary:
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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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Business Licence RequiredGeneral business licence required to operate a business in City of Calgary. Apply to City of Calgary for Business Licence: 1. Determine business category 2. Complete business licence application 3. Submit required documents (ID, lease, zoning confirmation) 4. Pay application and annual fees 5. Await approval and receive licence Contact City of Calgary Business Licensing for specific requirements. Home-based businesses may have different requirements. Annual renewal required.
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Alberta Business Name Registration (Trade Name/Sole Proprietorship) RequiredRegistration of business names (trade names) for sole proprietorships and partnerships with Alberta Corporate Registry (CORES) Register through authorized registry agent. Fee: $10 government + ~$50 service fee. Complete Declaration of Trade Name form (REG3018). Requires government-issued photo ID. Cannot use "limited", "incorporated", or "corporation". Registration does not grant name ownership. Contact: Service Alberta registry agent.
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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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Alberta WCB Employer Registration ConditionalRequired if you have employees or contractors in Alberta. Workers' Compensation Board employer registration for workplace injury coverage in Alberta Register online at wcb.ab.ca. Most employers required by law. Minimum premium: $200. Premium rate based on industry classification per $100 assessable earnings. File annual return with worker earnings. Some industries exempt but can apply voluntarily. Contact: WCB at 1-866-922-9221.
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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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Alberta Corporation Registration ConditionalRequired if incorporating a business in Alberta. Registration to incorporate a business in Alberta. Incorporate through Alberta Corporate Registry: 1. Conduct NUANS name search ($30-40) 2. Prepare Articles of Incorporation 3. Submit through registry agent 4. Pay incorporation fees Government fee: $275 + ~$100 service fee. Annual return required ($50 government fee + ~$25 service fee). Federal incorporation is alternative option.
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Partnership Registration ConditionalRequired for partnerships. Registration for general or limited partnerships in Alberta. Register through Alberta Corporate Registry: 1. Conduct NUANS name search 2. Complete Partnership Registration form 3. Submit through registry agent 4. Pay registration fees General and limited partnerships require registration. Government fee similar to trade name registration. Service fees not regulated - compare agents.
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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