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PricingService areasAll services →Accounting and Tax for Ontario Property Management Companies
Owner trust money, monthly owner statements, HST on management fees and non-resident landlord withholding handled by a CPA-led accounting firm.
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 property management companies, from owner-operators managing a few dozen units to firms managing residential, commercial and condo portfolios. 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.
A property manager keeps two sets of money: your company’s own revenue and the owners’ money you collect and spend on their behalf. Mixing them causes most of the problems we see, from wrong HST to missed withholding for owners who live outside Canada.
Property management tax and bookkeeping issues we handle
Owner money and trust accounts
Rent, deposits and reserve funds you collect for owners aren’t your income. We keep owner funds separate from your operating account, reconcile them monthly and produce owner statements that tie to the bank. If you lease commercial space for owners, or otherwise trade in real estate for others, you generally need to be registered with RECO. Arranging only residential leases covered by the Residential Tenancies Act, 2006 is exempt from registration. Registered brokerages must hold trust money in a separate real estate trust account.
HST on your management fees
Residential rent itself is generally exempt from HST, but the management fee you charge an owner is generally a taxable service, even when the property is residential. Commercial rent is generally taxable too. We set up the right tax codes for fees, rent and recoveries so the right amounts go on your return and the owners’.
Law and source: Excise Tax Act s.165 (management services to the owner are taxable); Excise Tax Act Schedule V, Part I s.6 (exempt long-term residential rent); CRA GST/HST Memorandum 19.2.2, Residential real property – rentals; CRA GST/HST Memorandum 19.4.1, Commercial real property – sales and rentals.
Non-resident landlords: 25% withholding
If you collect rent for an owner who lives outside Canada, the owner owes 25% Part XIII tax on the gross rent, and as their agent you’re generally required to withhold it and remit it to the CRA by the 15th of the following month. If you don’t withhold, you can be liable for the tax yourself. You and the owner can instead file Form NR6 so you withhold on the net rent left after expenses. The CRA has to receive it by January 1, or before the first rent payment is due, and the owner then has to file a section 216 return. Either way, you report the gross rent on an NR4 slip by March 31. We track non-resident owners and handle the remittances, NR6 filings and slips.
Law and source: Income Tax Act s.212(1)(d) (25% Part XIII tax on rent paid to non-residents); Income Tax Act s.215(3) and (6) (agent must withhold; liability if not); Income Tax Act s.216(4) (NR6 undertaking); CRA, Rental income from real property in Canada (Part XIII).
Rent deposits and interest
Ontario residential landlords generally hold last month’s rent deposits and must pay tenants interest on them each year at the guideline rate. We track deposits and interest by unit so the owner statements are right.
Condo management licensing
Condominium managers and condo management providers in Ontario must be licensed. We keep your books and corporation records in a form that supports your licence and your condo corporation clients.
Repairs, contractors and slips
You pay many contractors on owners’ behalf. T5018 slips generally apply only if construction is your main business. Payments for services, such as repairs, cleaning or maintenance, to a person or business totalling more than $500 in a year are generally reported on a T4A in box 048. We keep vendor details ready so the slips go in on time.
Law and source: Income Tax Regulations s.238 (T5018 construction payments); Income Tax Regulations s.200(1) (T4A information returns); CRA, Payments of fees for services (T4A box 048).
Payroll for supers and staff
Superintendents, maintenance staff and leasing agents need payroll with the right source deductions, and live-in supers may have taxable housing benefits. We run payroll and track your Employer Health Tax position.
Law and source: Income Tax Act s.6(1)(a) (taxable benefits); CRA, Housing or utilities (taxable benefit); Income Tax Act s.153(1) (source deductions); Employer Health Tax Act (Ontario) s.2.1 (annual exemption for eligible employers); Ontario, EHT tax exemption.
Key rules at a glance
← Swipe to compare →
| Rule | What it means for you | Law and source |
|---|---|---|
| Residential rent | Long-term residential rent is generally exempt from HST | Excise Tax Act Schedule V, Part I s.6 (exempt long-term residential rent) |
| Management fees | Your fee to the owner is generally taxable, even for residential property | Excise Tax Act s.165 (GST/HST imposed; no exemption for management services) |
| Non-resident owners | Withhold 25% of gross rent unless an NR6 is approved | Income Tax Act s.215(3) and (6) (agent must withhold; liability if not) |
| Rent deposits | Interest on deposits paid to tenants each year | Residential Tenancies Act, 2006 (Ontario) ss.105–106 (rent deposits and interest) |
| Condo managers | Must be licensed in Ontario | Condominium Management Services Act, 2015 (Ontario) (licensing of condo managers) |
| Employer Health Tax | EHT on Ontario payroll above the exemption | Employer Health Tax Act (Ontario) s.2.1 (annual exemption for eligible employers); Ontario, EHT tax exemption |
Who we work with
- Residential property management companies
- Commercial and mixed-use property managers
- Condo management providers
- Managers of rental portfolios for non-resident owners
- Owner-operators managing family buildings
- Short-term rental management companies
T-Ledgers services for property management companies
- Owner statements and trust reconciliations. Monthly owner statements tied to the trust bank account, quoted after a free call (see bookkeeping).
- Non-resident withholding and NR4s. Part XIII remittances and year-end NR4 slips, quoted after a free call (see payroll services).
- 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 property management companies
- Free call. We ask about your portfolio, owner types, trust setup and software.
- Written price. Scope and price in writing before any work starts.
- Setup. Separate operating and owner ledgers, HST codes for fees and rents, a non-resident owner list.
- Monthly rhythm. Books done by the 10th on monthly plans, owner statements reconciled, withholding remitted.
- Year-end. NR4s, T4s, any T4A or T5018 slips and your T2, all reviewed by a CPA.
Why property management companies choose T-Ledgers
- We understand owner money. Trust reconciliations, HST on fees, deposits and non-resident withholding 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 | |
|---|---|---|---|
| Owner funds | Mixed with operating money | Reconciled at year-end | ✓Reconciled monthly with owner statements |
| Non-resident owners | Withholding missed | Often caught late | ✓25% withheld and NR4s issued on time |
| HST on fees | Treated as exempt like rent | Usually right | ✓Fees, rents and recoveries coded separately |
| 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: Property management
Generally yes. The rent is usually exempt, but your management service to the owner is generally taxable.
Generally yes, so commercial rent and recoveries need HST charged and reported.
Generally withhold 25% of the gross rent and remit it to the CRA by the 15th of the next month. If you and the owner file an NR6 on time, you withhold on the net rent instead and the owner files a section 216 return. Either way, you issue an NR4 slip.
Yes, reconciled to the trust bank account every month.
Ontario landlords generally pay tenants interest on rent deposits each year at the guideline rate. We track it by unit.
Yes, including any taxable housing benefit.
T5018 slips generally apply only if construction is your main business. Service payments to contractors over $500 in a year are generally reported on a T4A in box 048. We check it with you each year.
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.
Managing property in Ontario?
Talk to a CPA who keeps owner money, HST and withholding straight. 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
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