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PricingService areasAll services →Accounting and Tax for Ontario Mortgage Brokers and Agents
Lender commissions, trailer fees, clawbacks, exempt HST and agent corporations handled by a CPA-led accounting firm that understands how a mortgage deal pays.
24/7 receptionist, a real person answers.
- Every return is reviewed by a CPA
- No surprise bills
- Reply within one business day
- 24/7 receptionist: a real person answers
- QuickBooks Online, Xero and Dext
- Rated 5.0 stars from 31 Google reviews (read our reviews)
T-Ledgers is a CPA-led accounting firm working with Ontario mortgage agents, mortgage brokers and brokerages, from new Level 1 agents to established brokerages with their own teams. Wajahat Ajmal, CPA, FCCA, has been practising since 2020. We handle bookkeeping, HST, payroll and corporate and personal tax, and every return is reviewed by a CPA.
Mortgage income comes from lenders, sometimes from borrowers, and sometimes as trailer or volume bonuses months later. Some of it can be clawed back. The HST rules are different from most businesses too, so the books need to be set up for how you’re actually paid.
Mortgage broker tax and bookkeeping issues we handle
Commission income, trailers and clawbacks
Agents who are not incorporated generally report commissions as business income on a T2125. We track lender commissions, volume bonuses and trailers separately, and record clawbacks when a mortgage is paid out early, so your income for each year is right.
HST: arranging mortgages is generally exempt
Arranging a mortgage loan is generally an exempt financial service, so most lender-paid commissions don’t carry HST. The flip side is that you generally can’t claim input tax credits on related costs. Some fees, such as stand-alone referral, promotional or consulting services, may be taxable, so we review each income stream.
Law and source: Excise Tax Act s.123(1) (“financial service”, para (l), arranging for); Excise Tax Act Schedule V, Part VII s.1 (exempt financial services); CRA GST/HST Technical Information Bulletin B-105, Changes to the definition of financial service.
Agents can only be paid by their brokerage
In Ontario, a mortgage agent or broker deals in mortgages on behalf of one brokerage and can only receive remuneration from that brokerage. We make sure your records show every payment coming through the right channel.
Law: Mortgage Brokerages, Lenders and Administrators Act, 2006 (Ontario) s.9 (agent licence, one brokerage); O. Reg. 187/08 under MBLAA, ss.4 and 6 (remuneration only from brokerage; personal corporation).
Paying commissions to your own corporation
Ontario allows a brokerage to pay an agent’s commissions to the agent’s corporation, if the corporation qualifies for the exemption from the brokerage licence and pays the agent no more than it receives. We check the conditions, set up the corporation’s books and plan salary or dividends.
Law: O. Reg. 187/08 under MBLAA, ss.4 and 6 (remuneration only from brokerage; personal corporation); O. Reg. 407/07 under MBLAA, s.8.1 (exempt personal corporation); Income Tax Act s.125(1) and 125(7) (small business deduction; “personal services business”).
Brokerage books and FSRA reporting
Brokerages pay agents, keep books that FSRA expects, and file an annual information return. We keep agent payouts, lender income and operating costs clean, so the return and your T2 match.
Licensing, E&O and marketing costs
FSRA licence fees, education, errors and omissions insurance, CRM software and marketing are generally deductible. Because HST is often not recoverable for exempt businesses, we record it as part of the cost.
Key rules at a glance
← Swipe to compare →
| Rule | What it means for you | Law and source |
|---|---|---|
| Exempt financial service | Arranging a mortgage is generally exempt from HST | Excise Tax Act Schedule V, Part VII s.1 (exempt financial services) |
| One brokerage | An agent deals in mortgages on behalf of one brokerage | Mortgage Brokerages, Lenders and Administrators Act, 2006 (Ontario) s.9 (agent licence, one brokerage) |
| Remuneration from brokerage only | Agents can't be paid directly by lenders or other parties | O. Reg. 187/08 under MBLAA, ss.4 and 6 (remuneration only from brokerage; personal corporation) |
| Agent corporation | Brokerage may pay an exempt agent corporation | O. Reg. 407/07 under MBLAA, s.8.1 (exempt personal corporation) |
| Small business deduction | Lower corporate tax rate on active business income | Income Tax Act s.125(1) and 125(7) (small business deduction; “personal services business”) |
Who we work with
- Level 1 and Level 2 mortgage agents
- Mortgage brokers
- Agents with a personal corporation
- Mortgage brokerages and teams
- Agents switching from banking to brokerage
T-Ledgers services for mortgage brokers and agents
- Monthly bookkeeping. From $500/month (Scale), with books closed by the 10th; quarterly bookkeeping from $350/month (Growth). Your fixed fee is confirmed after a free call. On monthly plans your books are done by the 10th, and if we're late on our side, that month's fee is waived (see bookkeeping).
- Catch-up bookkeeping, from $1,800 per year. We rebuild past years and file what's overdue (see catch-up bookkeeping).
- Bookkeeping Review, $195/month or $295/quarter. For owners who keep their own books (see bookkeeping).
- GST/HST returns, $150 per return. Filed on your CRA schedule (see GST/HST services).
- Payroll. Quoted after a free call (see payroll services).
- Corporate (T2) and personal (T1) tax. Personal tax returns from $110 + HST/GST, with your final price confirmed after a free call. Corporate (T2) returns are quoted after a free call (see corporate tax and personal tax).
- Virtual CFO, from $2,500/month. Cash flow, margins and growth decisions (see Virtual CFO).
Prices are + HST/GST. Anything without a listed price is quoted after a free call, and you get the price in writing before any work starts.
How we work with mortgage brokers and agents
- Free call. We ask about your licence, brokerage, income streams and how your records are kept.
- Written price. Scope and price in writing before any work starts.
- Setup. Commission, trailer and clawback tracking, HST review of each income stream, Dext for receipts.
- Monthly rhythm. Books done by the 10th on monthly plans, tax set-aside estimates, any HST returns filed on time.
- Year-end. T2125 or corporate T2 and your T1, all reviewed by a CPA.
Why mortgage brokers and agents choose T-Ledgers
- We understand mortgage income. Lender commissions, trailers, clawbacks and exempt HST are part of our normal conversation.
- CPA-led, start to finish. T-Ledgers was founded by Wajahat Ajmal, CPA, FCCA, practising since 2020. Every return is reviewed by a CPA before it's filed.
- Proven track record. 202 clients served and $60 million in client revenue managed.
- No surprise bills. You get the scope and the price in writing before we start. If the work changes, we agree the new price with you first.
- Price matching, agreed up front. Have a comparable written quote? Bring it to us before you sign your proposal. We can only match a price when it's agreed before the proposal is signed.
- Fast, human answers. We reply within one business day, and our 24/7 receptionist means a real person answers when you call 866-254-5368.
- In person or online. Meet us in person, by appointment only, at our Etobicoke office (102-89 Skyway Ave, Etobicoke, ON M9W 6R4) or our Mississauga office (100 Matheson Blvd E #204, Mississauga, ON L4Z 3P8), or work with us entirely online.
- Your software, set up properly. We work in QuickBooks Online and Xero, and use Dext so receipts go in with a photo.
Meet your CPA
Wajahat Ajmal, CPA, FCCA, Founder, T-Ledgers Accounting. Verify my CPA Ontario membership.
I started my career as an audit associate at KPMG. Since then I’ve worked as an independent contractor for a tax filing company, preparing returns and handling client questions. I hold a BSc in Applied Accounting from Oxford Brookes University and an MSc in Professional Accountancy from University College London. I’m a Chartered Professional Accountant in Ontario and a Fellow of the ACCA. I started taking on my own clients in 2020 and founded T-Ledgers in 2023.
Every return the firm files is reviewed by a CPA. You can read more about the firm on our About page.
What our clients say
Read more on our client reviews page.
DIY vs a generalist firm vs T-Ledgers
← Swipe to compare →
| DIY | Generalist firm | T-Ledgers BEST VALUE | |
|---|---|---|---|
| HST on commissions | Charged when it shouldn't be | Often not reviewed | ✓Each income stream reviewed for exempt vs taxable |
| Clawbacks | Missed until the next year | Year-end adjustment | ✓Recorded when they happen |
| Agent corporation | Set up without checking the rules | General advice | ✓Conditions checked before the first payment |
| Who checks the return before it's filed | You do | Depends on the firm and who's assigned | ✓Every return is reviewed by a CPA |
| How you're billed | Software fees plus your own time | Often hourly; the final bill can vary | ✓Scope and price in writing up front. No surprise bills |
| Getting an answer | Search online or wait on CRA phone lines | Varies by firm | ✓Reply within one business day; 24/7 receptionist, a real person answers |
| Software | Whatever you set up yourself | May ask you to switch to their system | ✓QuickBooks Online, Xero and Dext |
| Meeting face to face | Not applicable | Varies | ✓In person by appointment in Etobicoke or Mississauga, or fully online |
| Price matching | Not applicable | Rare | ✓Available if agreed before you sign your proposal |
Frequently asked questions: Mortgage broker
Generally no. Arranging a mortgage is usually an exempt financial service. Some other fees can be taxable, so we review each income stream.
Usually not on costs that relate to exempt income. We record the HST as part of the expense instead.
We record them when they happen so your taxable income reflects what you actually kept.
In Ontario, yes, if the corporation meets the exemption conditions and pays you no more than it receives from your brokerage.
It can make sense once you earn more than you need to live on. We model it on your numbers first.
Yes. We handle agent payouts, operating books, payroll for staff and the brokerage’s T2.
GST/HST returns are $150 per return, catch-up bookkeeping starts from $1,800 per year, the Bookkeeping Review is $195/month or $295/quarter (from $450 per review for complex books). Monthly bookkeeping is from $500/month (Scale) and quarterly bookkeeping from $350/month (Growth). Personal tax returns from $110 + HST/GST, with your final price confirmed after a free call. Payroll and corporate tax returns are quoted after a free call. Prices are + HST/GST. You get the price in writing before any work starts.
On monthly plans your books are done by the 10th, and if we’re late on our side, that month’s fee is waived.
Yes, if you have a comparable written quote and bring it to us before you sign your proposal. We can only match a price when it’s agreed before the proposal is signed.
Yes. Snap receipts with Dext, share documents through our client portal and talk by phone or video. You can also meet us in Etobicoke or Mississauga by appointment.
Book a free call through our contact page or call 866-254-5368. We’ll ask a few questions about your business and send you a written price before any work starts.
Working as a mortgage agent or broker in Ontario?
Talk to a CPA who understands exempt HST and commission income. Book a free call. We reply within one business day, and a real person answers 24/7 at 866-254-5368.
Reviewed by Wajahat Ajmal, CPA, FCCA. Updated October 18, 2026.
Related services: Bookkeeping · Catch-up bookkeeping · Corporate taxes · Personal tax · Payroll · Virtual CFO · Contact us
Related industries: Real estate agents · Real estate investors · All industries