Accounting for real estate agencies and brokers

Specialized solutions for real estate professionals

Our Edmonton accounting firm aims to develop accounting and tax planning solutions to minimize taxes and avoid financial hurdles. Our team of highly experienced financial professionals helps you manage your business and personal finances so you can spend more time with your buyers and sellers.

As self-employed professionals, Toronto’s real estate professionals are constantly on the move to assist their clients in the difficult transition between selling and buying their property. Likewise, WEBTAX ONLINE Chartered Professional Accountant Toronto can assist you in providing detailed accounting and tax services for your real estate businesses. We understand that you have various concerns related to your Toronto real estate business, including HST remittances for real estate transactions, use of vehicles for real estate professionals, permitted advertising for real estate agencies, and home use for business. Let WEBTAX ONLINE Chartered Professional Accountants use our expertise to solve your individual accounting and tax needs so you can focus on serving your property clientele.Talk to a small business accountant realtor.

A Toronto real estate agent should be able to determine whether a person is self-employed or employed, as this will affect how they report their income. Contact us to discuss your facts so we can correctly determine whether you qualify as an employee or self-employed. The CRA deals with the facts of the employment relationship between the payer and real estate professionals.

To briefly discuss, there are some indicators listed below that determine the same:

Indicators that the worker is self-employed

• The Realtor is obligated to pay the Realtor a fixed amount on a regular basis in administrative fees for the services. The fee can be paid for the following services:
OR
• Reception service,
• Office desk,
• Use of office space and conference rooms,
• Use of printers,
• Transaction in progress,
• Internal accounting and payroll services, etc.
• Realtor controls and sets commission rate and is not subject to sales quotas (for example, minimum listing requirements or dollar sales volume).
• A real estate agent is required to cover costs associated with his or her business, including auto insurance and repair premiums, professional indemnity insurance premiums, and real estate association membership fees.
• An estate agent can hire staff and cover the costs of their own advertising or contribute to the cost of advertisements.

Indicators that the worker is an employee

1. The real estate broker is not required to pay any fee or sum to cover the administrative costs for the services provided by the real estate broker.
2. The real estate agent takes a percentage of the agent’s sales to cover administrative costs and charges for these services only in the event of a sale.
3. The realtor requires the realtor to perform specific tasks, such as answering phone calls during a certain period of time at the realtor’s office.
4. A Realtor is subject to sales quotas (for example, minimum listing requirements or dollar sales volume).
5. The Estate Agent must report their activities to the Estate Agent on a daily or weekly basis (e.g. goal reports, holiday reports, and working hours; all required by the Estate Agent).
6. The costs of the advertising offers are covered by the real estate broker.

There are many other vital factors to carefully consider as well, and being an expert CPA firm working with real estate professionals can make things easier for you.

GST/HST – GST collected on sales made must be remitted to the CRA promptly. Discuss with us what tax credit you are allowed to offset the HST levied on your income. We have experience reporting and submitting HSTs on behalf of our estate agency clients. They work for brokers and provide a revenue summary that gives a breakdown of the HST collected on each transaction.

Income and Record – As a real estate agent who may be self-employed, there are various expenses that may be claimed as a deduction. It’s important to track all of these expenses to keep your income taxes to a minimum. Contact us now and we will be able to assist you with your accounting and bookkeeping needs so that financial control always remains in your hands. Talk to a bookkeeping services provider for a small business realtor provider.
Common deductions for Real Estate Agencies and Real Estate Agencies –

Home Office – Like most self-employed estate agents, they will most likely be working from home during the year. We know how to optimize home office costs for Realtors to maximize their home-related depreciation.

Car Expenses – As the demand for labor is always changing, expenses incurred for a car can be reported in either the detailed method or the simplified method. WEBTAX ONLINE
Accountant has many years of experience as the best accounting firm in Toronto for real estate professionals. We know how to maximize auto depreciation. Real estate agents are sales professionals who are constantly on the road and transportation is a large part of their expenses.

Advertising – It is obvious that real estate agencies rely heavily on advertising to generate new leads and business prospects. When real estate agent is not communicating within their bubble, they have to find ways to call or reach out to prospective clients with questions and other real estate information, etc. Digital marketing plays a huge role in advertising these days. Methods like Google Ads, Facebook Ads, Instagram Ads, and other avenues are all allowed for advertising spending. Of course, advertising costs are also eligible for basic advertising items such as business cards, flyers, brochures, signs, stickers, and calendars.

Our real estate agent accounting services:

Real Estate Accounting is so much more than a software download or mobile app. It requires regular maintenance and administration which can take hours of the week or day. Invoicing, expense tracking, document filling, customer management, and cash flow tracking –are just a few of the tasks that need to be done at least once a week.

Most real estate agents or landlords don’t have the time to handle these time-consuming tasks on a regular basis. This is where the accounting services of WebTax Online real estate agencies come into play.

To meet your needs, WebTax Online offers fully customizable and scalable accounting services. Whether you’re just starting out as a real estate agent or are a local landlord, we can provide basic bookkeeping services to help you get started. As your business grows and becomes more complex, we are continually expanding your services.

Create a business budget

Accounting is a proven way to analyze your finances. Creating a budget for your personal and business expenses is nearly impossible without the help of real estate accounting software and a professional small business accountant realtor near me. You’ll gain insight into creating a budget that fits your lifestyle and grows your business without breaking the bank. We provide accounting services for small business realtors.

Simplified tax period

At the end of the year, it can be difficult to claim personal tax credits, expenses, and agency returns. When tax season arrives, you already have records of your expenses and financial activity in your accounting software. Good real estate agent accounting software will also help you with tax planning and prepare tax documents for you.

Talk to a small business accountant realtor near me.