Start Your Trusts, Estates, and Agency Accounts in Victoria
Welcome to your practical guide for starting a trusts, estates, and agency accounts business in Victoria. Here you’ll find a clear overview of what it takes to set up under NAICS 525920, including a practical roadmap, a realistic timeline, and cost snapshots. This page translates regulatory steps into doable actions, so you can move from planning to serving clients with confidence.
What you’ll learn: the eight essential requirements you’ll need to meet to operate legally, the permits you may require, how to structure client accounts, and best practices for record-keeping. We break down costs—from registration and filing fees to software, insurance, and ongoing compliance—plus a realistic timeline from initial setup to your first client.
Victoria is a strong fit for trusts and estates work, with a steady demand from individuals planning for the future and a supportive local professional community. The city’s stable business climate, proximity to clients, and easy collaboration with lawyers and accountants make it a smart launchpad for your agency accounts practice.
Requirements Overview
The most critical requirement for operating a trusts, estates, and agency accounts business in Victoria is the Trust Company License. This license is required by the regulator to legally offer trust-related services, and you cannot operate without it. It’s non-negotiable: without this license you’re not permitted to provide trusts, estates, or agency account services in Victoria.
Beyond licensing, there are essential operational and safety steps you must keep up with. You’ll need WorkSafeBC coverage to protect employees and meet workplace safety standards. You’ll also need the appropriate municipal permissions, such as a Business Licence from the local government, to legally operate in your area. In addition, implement strong compliance controls for anti-money laundering (as applicable to securities) to verify clients, monitor transactions, and keep proper records. These compliance and safety requirements support steady, lawful day-to-day operations.
On the business registration and tax side, you’ll need a Canada Revenue Agency Business Number (BN) to handle taxes and filings, and you should register for GST/HST if your supplies meet the threshold or if you choose to register voluntarily. If you hire staff, set up Payroll D deductions registration. For sole proprietorships or partnerships, register your BC business name so your trade name is protected and clearly identified to clients.
You’re taking the right steps by planning ahead. Start with obtaining the Trust Company License, then line up your BN, BC business name (if needed), and a Business Licence. I can help you build a simple, practical checklist and timeline to keep you moving confidently toward opening your Victoria trust business.
Detailed Requirements
Here are the specific requirements for starting a trusts, estates, and agency accounts in Victoria:
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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 Victoria. Apply to City of Victoria 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 Victoria 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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