Real Estate &
Discover the benefits of a bespoke accounting solutions that helps you grow your business.
Tax Issues for Real Estate & Property Management Businesses
Need a yearly summary of income and expense deductions. Report income on T4A (net of HST).
Business Deductions for Real Estate & Property Management Businesses
Tax deductible expenses include:
- Home office and office expenses
- Automobile expenses
- Gift and meals to clients
- Referral fee (proof of fee paid needed)
- Memberships and Professional Fees
- Professional Insurance
- Courses – You can include your tuition expense as a tuition credit on your personal tax return (Schedule 11, to be more specific). or you can include your tuition expense as an actual Expense on your personal tax return (T2125) – ask us.
- Commission paid
HST Issues for Real Estate & Property Management Businesses
- If you earn more than $30,000 in commissions, you will be required to register and remit HST to the CRA. Ask us.
- Your provider should exclude HST from your T4A income.
- If you pay HST on a yearly basis, you may be required to pay HST instalments during the year. Ask us.
Accounting Issues for Real Estate & Property Management Businesses
- Trust account tracking – keep separate accounts for the company and the buildings.
- Use an appropriate property management system. Ask us about your options.
- CRA requires withholding tax to be paid during the year for non-resident investors/ property owners. Ask us.
- Use tracking categories when tracking income and expenses from multiple properties. Ask us.
- Set up a proper chart of accounts to fit your operations and for each property.
Accounting Solutions Across Every Industry Sector
Xero Online Accounting Software
Operate more efficiently and have more time to focus on your business. Find out why over 300,000 people worldwide have moved to Xero’s online accounting solution.
Xero Key Features
- Invoicing Made Easy
Not only can you create professional recurring invoices in Xero, you can also keep track of when they are opened.
- Value For Money
Xero reduces your upfront business costs with free upgrades and access for an unlimited number of users all at an affordable monthly fee.
- At-A-Glance Dashboard
With just one click, you can see your bank balance, invoices, bills and expense claims, without having to log onto various websites.
- Automatic Bank Reconciliation
Xero imports and categorizes you latest bank, PayPal and credit card transactions so reconciliation is just one click away.