How to Incorporate a Personal Mortgage Corporation

I want to provide mortgage services through a Personal Mortgage Corporation. What are the steps I need to take?

The Mortgage Services Act (MSA) permits mortgage brokers and Principal Brokers to establish Personal Mortgage Corporations (PMCs).

To gain a better understanding of PMC requirements under the MSA, all mortgage broker registrants who wish to transition to a licence under the MSA are required to complete BCFSA’s transition education. The transition education includes modules on brokerage operations, including the requirements for establishing a PMC. Taking the transition education before carrying out the steps below will help you become better informed and more prepared to make sound business and operational decisions under the MSA.

Starting October 13, 2026, Principal Brokers and Mortgage Brokers must hold a PMC licence in addition to their individual licence to receive remuneration through a PMC for the provision of mortgage services. As part of the PMC licensing process, BCFSA will review and approve proposed PMC names. Detailed information on PMC requirements and the process for name approvals can be found in BCFSA’s Mortgage Services Knowledge Base.

BCFSA strongly recommends obtaining professional accounting and/or legal advice when considering whether to incorporate, amend corporate structure, amend share ownership, or dissolve a company.

Below are scenarios and instructions for incorporating a personal corporation to provide mortgage services (i.e., a PMC).

Scenario 1: Mortgage Brokers Act (MBA) Registrants who Operate Personal Corporations Registered with BCFSA as Mortgage Brokerages

This scenario involves MBA submortgage brokers who have established corporations (e.g., numbered companies) to flow their remuneration through for tax purposes and, in some cases, to also access volume pooling benefits, payroll and compliance support, or to advertise under a personal brand name rather than solely their own individual name.

In this scenario, the submortgage broker’s personal corporation is currently registered with BCFSA as a mortgage brokerage. However, in practice, it does not operate as a full-scale mortgage brokerage. The submortgage broker is interested in winding-up their registered brokerage and instead using their personal corporation as part of a licensed PMC under the MSA, after October 13, 2026.

Note that under the MSA, all mortgage brokerages will be subject to expanded regulatory requirements including errors and omissions insurance, and in certain cases, annual filing requirements. 

• The scenario below recommends completing activities by May 29, 2026. If submortgage brokers choose to wait, they can make the required changes after the MSA takes effect on October 13, 2026. However, if the May 29, 2026 deadline is missed, the Acknowledgement Form, prorated refunds, and additional time to change the corporations’ legal name will not apply.

Recommended Steps to Apply for a PMC Licence under Scenario 1:

Timing	Step	Action(s)	Further Information
Now – May 29, 2026	1	- Review PMC Requirements under the MSA Regulation and Rules - Seek professional advice (i.e., legal and/or accounting) to inform business and operational decisions, and to ensure that your decisions are well-informed and compliant with requirements	- Read Part 6 of the Mortgage Services Regulation, and the associated Regulatory Instruments on BCFSA’s Mortgage Services Knowledge Base
	2	- Amend corporate qualifications of the personal corporation, as needed, via BC Registries prior to October 2026 to align with MSA requirements (e.g., director information, etc.)	- Access and manage your registration online through BC Registries and Online Services. - Legal name of corporation will not need to change at this point to align with the MSA requirements (see below for more information).
	3	- Submit a submortgage broker Transfer Request to the mortgage brokerage to which you want to transfer your registration - Wind-up your mortgage brokerage (Note: The personal corporation will remain registered with BC Registries) - Sign and submit an Acknowledgment Form to BCFSA (see below for more information) (Note: The steps above may be completed concurrently)	- Submit a transfer request via IRIS to the full-scale mortgage brokerage that you work under as an MBA registrant. Note: The Transfer request fee is $200 - After (or concurrently with) submitting a transfer request, submit a Form 17, Wind-up of a Mortgage Broker via IRIS. - The Acknowledgement form will be made available on the BCFSA website (see below for more information) - More information on winding-up brokerages can be found on BCFSA’s Mortgage Services Knowledge Base - Under the MSA, all licensees are required to work under a licensed mortgage brokerage.
Beginning on October 13, 2026	4	- Apply to BCFSA for a PMC Licence	- You must apply for a PMC Licence through IRIS by December 31, 2026 Note: The PMC licence base fee is $2,100 (additional category fee is $500). This fee will be pro-rated to align with a licensee’s individual licence term expiry date. - Licensees will receive a pro-rated refund of their remaining mortgage brokerage registration term under the MBA (see below for more information).
By the end of the Licensee’s Initial Licence Term under the MSA:	5	- Reserve a Name with BC Registries (i.e., the corporation’s Legal Name) Note: BC Registries will hold your reserved name for 56 days. If you need more time, you can renew the reservation or submit a new name request after the original one expires. Once the reservation period ends, the name becomes available for anyone to use.	- By the time of the licensee’s initial licence renewal under the MSA, the PMC’s legal name is to be changed in accordance with the MSA Regulation and Rules (below for more information). - For information on PMC naming requirements, see the regulatory statement in BCFSA’s Mortgage Services Knowledge Base. - BC Registries and BCFSA each have their own name approval requirements. BC Registries’ conditional name approval/name reservation does not guarantee BCFSA approval of the PMC name.
	6	- Apply to BCFSA for PMC Name Approval (i.e., the corporation’s Legal Name)	- Once the intended name is reserved with BC Registries, submit a request for approval of the PMC name from BCFSA via IRIS. - For information on PMC naming requirements, see the regulatory statement in BCFSA’s Mortgage Services Knowledge Base.
	7	- Once approved by BCFSA, the applicant is to provide proof of BCFSA Name Approval to BC Registries	- BC Registries will require proof that BCFSA has approved the name. BCFSA will provide you with this documentation, which you must submit to BC Registries.

More Information on Acknowledgement Forms and Corporation Legal Names

If a submortgage broker signs and submits an Acknowledgement Form with BCFSA by May 29, 2026, the following applies:

• During the period between the mortgage brokerage wind-up date (Step #3) and the approval of a PMC licence (Step #4), remuneration of that submortgage broker may temporarily flow from a mortgage brokerage to a personal corporation rather than directly from a mortgage brokerage to the individual registrant.
• The legal name of the corporation used for the purposes of the PMC licence does not need to align with the MSA requirements until the end of the licensee’s licence term (Step #5).

These temporary measures will help facilitate PMC licensure compliance under the MSA.

The Acknowledgement Form will include:

• Confirmation that the registrant understands that under the MSA, they must apply for a PMC licence with BCFSA to continue to receive remuneration through a personal corporation after the MSA comes into force;
• Confirmation that the registrant understands that under the MSA, they must ensure that the legal name of the corporation being used for the purposes of the PMC licence adheres to MSA requirements by the end of the licensee’s licence term; and,
• Details respecting eligibility for a pro-rated refund of any brokerage registration fees.

The Acknowledgement Form will be forthcoming on BCFSA’s website.

Note that on application for a PMC licence, PMC licence fees will be pro-rated to align the PMC licence expiry date with an individual licensee’s own licence expiry date. This may mean that licensees will pay less than the full two-year PMC licence fee as part of MSA transition, in addition to receiving a potential refund on their MBA mortgage brokerage fees (see below for more information on pro-rated refunds).

More Information on Pro-Rated Refunds

To facilitate a smooth transition to the MSA, BCFSA will provide pro-rated refunds for any remaining term on a mortgage brokerage registration to submortgage brokers who obtain a PMC licence after October 13, 2026. This measure prevents duplicate payment for both an MBA mortgage brokerage registration and a PMC licence under the MSA.

Eligibility requirements:

• Wind-up your MBA mortgage brokerage by May 29, 2026;
• Submit a signed Acknowledgement Form by May 29, 2026;
• Apply for a PMC licence after October 13, 2026; and,
• Have at least one full month remaining in your original MBA mortgage brokerage registration term after BCFSA approves the PMC application.

Refund details:

• Covers the period from the date of PMC licence approval to the original MBA mortgage brokerage registration expiry date.
• Refunds will be processed once individuals apply for a PMC licence and will be distributed between February and April 2027.

More information can be found on BCFSA’s Mortgage Services Knowledge Base.

Scenario 2: MBA Registrants Who Do Not Meet the May 29, 2026 Deadline or Do Not Have a Personal Corporation, but would like to Apply for a PMC Licence after the MSA takes effect in October 2026

This scenario involves two groups of submortgage brokers:

• Those who have a personal corporation registered as a mortgage brokerage, as described in Scenario 1, but do not meet the May 29, 2026 deadline; and,
• Those who currently don’t have a personal corporation.

In this scenario, both groups are interested in obtaining a PMC licence under the MSA when it starts on October 13, 2026.

Steps to Apply for a PMC Licence under Scenario 2:

Timing	Step	Action	Further Information
Can be done prior to October 13, 2026	1	- Review PMC Requirements under the MSA Regulation and Rules - Seek professional advice (i.e., legal and/or accounting) to inform business and operational decisions, and to ensure that your decisions are well-informed and compliant with requirements	- Read Part 6 of the Mortgage Services Regulation, and the associated Regulatory Instruments on BCFSA’s Mortgage Services Knowledge Base
Beginning on October 13, 2026	2	- Reserve a Name with BC Registries  Note: BC Registries will hold your reserved name for 56 days. If you need more time, you can renew the reservation or submit a new name request after the original one expires. Once the reservation period ends, the name becomes available for anyone to use.	- For information on PMC naming requirements, see the regulatory statement in BCFSA’s Mortgage Services Knowledge Base. - BC Registries and BCFSA each have their own name approval requirements. BC Registries’ conditional name approval/name reservation does not guarantee BCFSA approval of the PMC name.
	3	- Apply to BCFSA for PMC Name Approval	- Once the intended name is reserved with BC Registries, submit a request for approval of the PMC name from BCFSA via IRIS. - For information on PMC naming requirements, see the regulatory statement in BCFSA’s Mortgage Services Knowledge Base.
	4	- Once approved by BCFSA, the applicant is to provide proof of BCFSA Name Approval to BC Registries	- BC Registries will require proof that BCFSA has approved the name. BCFSA will provide you with this documentation, which you must submit to BC Registries.
	5	- Finalize changes with BC Registries, including completing the incorporation process and ensuring alignment with MSA requirements (e.g., director information, etc.)	- The MSA has specific requirements for the corporate structure of PMCs. Ensure that the incorporation process is completed, the approved name is finalized and the corporate structure (e.g., directors, shareholders, etc.) meets the requirements under the MSA.
	6	- Apply to BCFSA for a PMC Licence	- Ensure that you are licensed under the correct mortgage brokerage. Once verified, ensure that any necessary mortgage brokerage wind-ups are completed. Note: Brokerage transfer and wind-up requests can be made concurrently and can be completed prior to October 2026 - You must apply for a PMC Licence through IRIS. - Note: The PMC licence base fee is $2,100 (additional category fee is $500). This fee will be pro-rated to align with a licensee’s individual licence term expiry date.

Resources

BC Registries Helpdesk

BC Registries Helpdesk staff cannot provide advice on how to structure a corporation, or on corporate or commercial issues, income tax or other related considerations which arise from incorporation.

The BC Registries Helpdesk can be contacted for questions relating to corporate registry filings such as submitting a name request, how to file an incorporation application, how to file a company change of name, etc. They do not provide business or legal advice.

BC Registries helpdesk contact information can be found on this webpage under “Contact the registry team.”

BC Business Advisors

Business advisory service offerings include:

• Free one-on-one consultations with an advisor;
• Free access to resources designed to help businesses start, grow and thrive; and
• Free guidance on navigating government programs and funding opportunities.

For more information and to contact a business advisor visit gov.bc.ca/businessadvisors.

BCFSA Enquiries

If you have any further questions about winding-up a brokerage or PMC licenses, please email msa@bcfsa.ca or phone BCFSA’s Service Centre: 604-660-3555 (local) or 1-866-206-3030 (toll free).