Launch a Trusts, Estates, and Agency Accounts Firm in Vancouver
This page helps you start a NAICS 525920 Trusts, Estates, and Agency Accounts business in Vancouver. You’ll find a practical, step-by-step guide to getting licensed, registering the business, and setting up operations. It includes a clear eight‑requirement overview, plus a realistic path from pre‑launch to opening, with insights on required permits, initial costs, and a practical timeline.
What you’ll learn: the eight regulatory requirements you must meet, the permits or licenses that apply, typical startup costs (office setup, software, insurance), ongoing fees, and a practical timeline from registration to client readiness. We’ll present a phased plan with milestones and quick wins to keep you on track.
Why Vancouver? The city’s thriving professional‑services scene, close access to legal and financial experts, and a stable regulatory environment make it a strong fit for trusts, estates, and agency accounts work. With solid demand for fiduciary services and a supportive business climate, you can grow with confidence in this market.
Requirements Overview
The most critical requirement for operating a trusts, estates, and agency accounts business in Vancouver is the Trust Company License. This license is legally required to provide trust services in British Columbia, and you cannot legally operate without it. Alongside the license, you’ll also need key registrations to run the business, including a Business Number (BN) with the Canada Revenue Agency, a municipal or provincial Business Licence, and, if you’re a sole proprietor or partnership, BC Business Name Registration. These core registrations are non-negotiable foundations you must have before serving clients.
On the operational side, focus on staying compliant and safe. Grouped together, the essential ongoing requirements include anti-money laundering controls (for securities) to verify clients and monitor activity, and workplace safety obligations under WorkSafeBC. In addition, you’ll handle tax-related registrations: GST/HST registration if you cross the threshold, and payroll deductions registration so you can properly withhold and remit employee deductions. These items aren’t optional—keeping them current protects clients and your team and helps you avoid penalties.
For Registration & Tax, your business number and tax setup are central. You need a BN from the CRA to handle government accounts, plus GST/HST registration if you meet the sales threshold. If you have employees, you’ll arrange payroll deductions and related reporting. If you’re operating as a sole proprietor or partner, BC Business Name Registration is required; otherwise, the registered name may be covered under a different corporate structure. A valid Business Licence should already be in place, as noted, and the Trust Company License sits at the regulatory core of your operations.
Next steps: connect with the BC regulator (BCFSA) to obtain the Trust Company License, then set up your BN with the CRA and apply for GST/HST and payroll registrations as needed. Verify municipal business licensing
Detailed Requirements
Here are the specific requirements for starting a trusts, estates, and agency accounts in Vancouver:
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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 Vancouver. Apply to City of Vancouver 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 Vancouver 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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