Launch a Trusts, Estates, and Agency Accounts Firm in Regina
This page shows how to start a Trusts, Estates, and Agency Accounts business (NAICS 525920) in Regina. You’ll get a practical, step-by-step path from idea to compliant operation—what to file, the checks to pass, and the best order to tackle each task. We break down the 10 requirements you must meet, plus the permits, registrations, and setup steps that set you up for success. Expect clear guidance on costs and a realistic timeline to move from launch to first clients.
Across this page, you’ll learn exactly what to prepare: the 10 regulatory requirements, how to handle client trust accounts, privacy and record-keeping, and duties under provincial and federal rules. We cover typical startup costs, ongoing fees, and the permits you’ll likely need to operate in Regina. You’ll also get a practical timeline—from initial planning to opening doors—so you can budget, plan staffing, and hit your milestones with confidence.
Why Regina? The city’s growing financial services scene, supportive business climate, and proximity to regulators give a real advantage for a Trusts, Estates, and Agency Accounts practice.
Requirements Overview
The most critical requirement for operating a trusts, estates, and agency accounts business in Regina is the Trust Company License. This license is legally required to offer fiduciary and related services in Saskatchewan, and you cannot legally operate without it. It is non-negotiable—without this license you cannot legally manage trusts or estates or provide agency account services to clients.
Beyond the license, you need solid ongoing compliance and safe operations. This includes Anti-Money Laundering (Securities) controls to monitor and report suspicious activity, Saskatchewan WCB Employer Registration if you hire staff, and the related payroll registrations to handle withholdings. You’ll also want appropriate permits and licenses tied to your day-to-day activities, along with clear policies to protect client information and maintain ethical standards. If you don’t have clients yet, you can still prepare by documenting AML controls, staff training, and client due-diligence processes to stay ahead.
Business Registration & Tax: Set up the core legal and tax identifiers early. This involves Saskatchewan Business Name Registration (ISC), Business Number (BN) Registration, GST/HST Registration, Payroll Deductions Registration, and, depending on your structure, Saskatchewan Corporation Registration or Partnership Registration. Getting these in place helps you file taxes and manage regulatory reporting accurately from day one and reduces delays later.
Next steps: Gather the required documents, confirm the exact licensing steps with the regulator, and consider a quick consult with a business advisor to map a compliant setup timeline. With the Trust Company License and the necessary registrations in place, you’ll be positioned to serve Regina clients confidently and grow your trusts, estates, and agency accounts practice responsibly.
Detailed Requirements
Here are the specific requirements for starting a trusts, estates, and agency accounts in Regina:
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Business Licence RequiredGeneral business licence required to operate a business in City of Regina. Apply to City of Regina 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 Regina Business Licensing for specific requirements. Home-based businesses may have different requirements. Annual renewal required.
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Saskatchewan Business Name Registration (ISC) RequiredBusinesses in Saskatchewan operating under a name other than the owner's legal name must register with Corporate Registry. This applies to sole proprietorships, partnerships, and business names for corporations. Registration provides legal recognition and is required for business operations, banking, and licensing. Registration can be completed online through Corporate Registry. Business name registrations must be renewed every 5 years for sole proprietorships and partnerships. Register with ISC (Information Services Corporation) for business name. Required for sole proprietorships with trade name, partnerships. $65 registration fee, $60 renewal. Name reservation valid 90 days. Online registration also registers with Ministry of Finance and CRA.
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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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Partnership Registration ConditionalRequired for partnerships. Registration of partnerships in Saskatchewan. Register partnership with ISC: 1. Complete partnership registration form 2. Submit through ISC 3. Pay registration fees General and limited partnerships. Annual return may be required.
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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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Saskatchewan WCB Employer Registration ConditionalRequired if you have employees in Saskatchewan. Employers in Saskatchewan must register with the Workers' Compensation Board (WCB) and maintain coverage for workers. WCB provides insurance for workplace injuries and occupational diseases. Most employers are required to register, with some exceptions for specific industries and self-employed individuals. Registration should occur before hiring the first worker or commencing operations. Employers pay premiums based on their industry classification rate and assessable payroll. Register with Saskatchewan WCB for workers compensation coverage. Required for employers in mandatory industries. 2024 average premium rate $1.28 per $100 payroll. Maximum assessable earnings $104,531. Directors on T4 excluded from 2025.
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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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Saskatchewan Corporation Registration ConditionalRequired if incorporating in Saskatchewan. Incorporation of a company under Saskatchewan law. Incorporate through ISC Corporate Registry: 1. Conduct NUANS name search 2. Prepare articles of incorporation 3. Submit through ISC online or registry 4. Pay incorporation fees Annual return required. Federal incorporation is alternative option.
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