Launch Burnaby Trusts, Estates, and Agency Accounts Today
This page helps you plan and start a Trusts, Estates, and Agency Accounts business in Burnaby (NAICS 525920). It provides a practical overview of the seven requirements you’ll meet, the permits you may need, and the typical costs and timeline to launch. We translate regulatory steps into clear, actionable actions so you can move from idea to operation with confidence.
You’ll learn the essential steps behind getting set up: which licenses and registrations apply, how to structure trust accounts and client funds, and the safeguards for privacy, records, and fiduciary duties. We cover startup and ongoing costs, a realistic timeline—from filing to first day of service—and what to expect in Burnaby’s regulatory environment for fiduciary services.
Burnaby’s growing financial services scene and proximity to Vancouver offer a supportive environment for trusts and estates work. Local resources, collaboration opportunities, and a business-friendly climate can help you launch faster and serve clients with confidence.
Requirements Overview
The most critical requirement for operating a trusts, estates, and agency accounts business in Burnaby is the Trust Company License. This license is required by law to run a trust company, and you cannot legally operate without it. It’s non-negotiable, so your first step is to connect with the relevant regulator in British Columbia (often the BC Financial Services Authority) to understand the exact licensing process and criteria.
Beyond licensing, you must put in place core operational practices. Ensure anti-money laundering controls are in place for securities; set up WorkSafeBC coverage to protect employees; and handle routine registrations such as GST/HST and payroll deductions to stay compliant with tax and employment rules.
On the business registration and tax side, you’ll need a federal Business Number (BN). If you plan to operate as a sole proprietor or partnership in BC, register your BC business name. You’ll also register for GST/HST if your revenue hits the threshold, and arrange payroll deductions for employees.
Next steps: gather the required documents, reach out to the regulator about licensing, and start setting up your BN, BC name, and GST/HST registration. Consider talking to a local business adviser to map out an action timeline and stay on track without getting overwhelmed. You can do this step by step—and you’ll be well on your way to launching a compliant operation in Burnaby.
Detailed Requirements
Here are the specific requirements for starting a trusts, estates, and agency accounts 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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Trust Company License RequiredTrust companies must be licensed by federal (OSFI) or provincial regulators and comply with fiduciary standards, capital requirements, and trust administration rules. OSFI Trust and Loan Companies Act licensing. Federal trust company charter. Capital requirements. Contact OSFI: 1-800-385-8647.
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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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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.
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