Start Your Trusts, Estates, and Agency Accounts Business in Kelowna
This page gives you a practical, step-by-step roadmap to starting a trusts, estates, and agency accounts business in Kelowna (NAICS 525920). You’ll find a clear outline of the eight essential requirements, the permits and licenses you’ll likely need, typical startup costs, and a realistic timeline from idea to launch. Whether you’re adapting an existing practice or building a new specialty, this guide helps you move forward with confidence.
What you’ll learn: the eight requirements you must meet; the licenses and registrations specific to Kelowna and British Columbia; typical startup costs and how to budget them; plus a practical, step-by-step timeline from registration to launch. You’ll also get guidance on setting up trust accounting, fiduciary duties, data privacy, client onboarding, and ongoing compliance to keep your practice in good standing.
Kelowna’s growing professional services scene, strong client demand for trusted estate planning, and a pro-business climate make this city a solid fit for trusts, estates, and agency accounts firms.
Requirements Overview
The most critical requirement for operating a trusts, estates, and agency accounts business in Kelowna is obtaining a Trust Company License. This license is issued by the BC Financial Services Authority (BCFSA) and is legally required to run a trust company here. You cannot legally operate without it, and keeping this license current is non-negotiable.
Beyond licensing, you’ll need to cover essential operational must-dos. Health and safety come first, so ensure you have WorkSafeBC coverage for your staff. Meet local permitting requirements by securing the City of Kelowna business licence. You’ll also need to implement anti-money laundering controls for securities and stay on top of regulatory reporting. In addition, plan for ongoing tax-related registrations, including GST/HST, and payroll deductions if you have employees.
For registration and tax setup, there are a few core steps. You’ll need a Business Number (BN) for federal tax accounts, and you should register your BC Business Name if you’re operating as a sole proprietorship or partnership. GST/HST registration will depend on your revenue, and payroll deductions registration applies if you have employees. If you decide to operate as a corporation, you’ll handle these registrations accordingly and keep all numbers current to avoid disruptions.
If you’re starting this journey, you’re taking an important, doable path. Begin by confirming the Trust Company License requirements with BCFSA, then map out the registrations you’ll need (BN, GST/HST, payroll if applicable) and the local licences. Gather the needed documents, set realistic timelines, and consider connecting with a compliance advisor or regulator contact to keep you on track. You’ve got this—step by step, you’ll be ready to operate confidently and legally.
Detailed Requirements
Here are the specific requirements for starting a trusts, estates, and agency accounts in Kelowna:
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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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Business Licence RequiredGeneral business licence required to operate a business in City of Kelowna. Apply to City of Kelowna 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 Kelowna Business Licensing for specific requirements. Home-based businesses may have different requirements. Annual renewal required.
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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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