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PricingService areasAll services →Accounting and Tax for Ontario Real Estate Agents and Brokerages
Commission income, HST, personal real estate corporations and brokerage trust records handled by a CPA-led accounting firm that understands how deals close.
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 real estate salespersons, brokers and brokerages, from new agents closing their first deals to teams and independent brokerages. 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.
Real estate income is lumpy. A strong spring can be followed by a slow fall, and commissions arrive after splits, desk fees and referral fees. Getting the records right means you set money aside for HST and tax, and you know whether a personal real estate corporation (PREC) is worth it.
Real estate agent tax and bookkeeping issues we handle
Commission income and expenses
Most agents who are not incorporated report commissions as business income on a T2125. We track gross commissions, brokerage splits, desk and franchise fees, referral fees, RECO and board dues, marketing, staging and vehicle costs, so your net income is right and nothing deductible is missed.
HST on commissions
Real estate commissions are generally taxable supplies. Once your taxable revenue passes the small supplier threshold, you must register and charge HST, usually to your brokerage. We file your returns on schedule and claim input tax credits on business costs.
Law: Excise Tax Act s.148 (small supplier); Excise Tax Act s.165 (GST/HST imposed); Excise Tax Act s.169(1) (input tax credits).
Personal real estate corporations (PRECs)
Ontario allows a brokerage to pay commissions earned by an agent to the agent’s PREC, if the corporation meets the prescribed conditions. The agent must own all of the PREC’s voting (equity) shares and be its sole director and president, must stay employed by the brokerage, and must give RECO notice before the PREC receives any remuneration. Non-voting shares can be held only by the agent, their spouse, children or parents, or in trust for their minor children. We model whether a PREC saves tax at your income level and set up the books, salary or dividends and the T2. A PREC can generally claim the small business deduction, because most agents are self-employed rather than employees of their brokerage. If the working relationship looks like employment, the CRA could treat the PREC as a personal services business, which loses the lower rate.
Law: O. Reg. 536/20 under TRESA, Personal Real Estate Corporations (ss.1–6); Trust in Real Estate Services Act, 2002 (Ontario) (registration, trust accounts, remuneration); Income Tax Act s.125(1) and 125(7) (small business deduction; “personal services business”).
Brokerage trust accounts
Brokerages that hold deposits must keep them in a real estate trust account and keep detailed records. We keep the brokerage’s operating books separate from trust and reconcile both monthly, so your records are ready when RECO asks.
Meals, vehicles and marketing
Client meals and entertainment are generally limited to 50%. Your vehicle is often your biggest expense, and the business share depends on a proper log. We keep the records CRA expects to see.
Law: Income Tax Act s.67.1 (50% limit on meals and entertainment); Income Tax Act s.20(1)(a) (capital cost allowance).
Agents who buy and sell property
If you buy and sell homes yourself, the profit may be business income rather than a capital gain, and a home or rental property you owned for less than 365 consecutive days is generally caught by the property flipping rule unless a life event, such as a death, separation, serious illness, job loss or work relocation, caused the sale. We look at each sale before you file.
Instalments and setting money aside
Agents with a strong year often get instalment reminders the next year. We estimate your tax and HST through the year so you know what to set aside from each deal.
Key rules at a glance
← Swipe to compare →
| Rule | What it means for you | Law and source |
|---|---|---|
| HST on commissions | Register and charge HST once you pass the small supplier threshold | Excise Tax Act s.148 (small supplier) |
| PREC conditions | You own all voting shares and are the sole director and president; employed by a brokerage; RECO notified before payment | O. Reg. 536/20 under TRESA, Personal Real Estate Corporations (ss.1–6) |
| Brokerage trust money | Deposits held in trust with detailed records | Trust in Real Estate Services Act, 2002 (Ontario) s.27 (trust accounts) |
| Meals and entertainment | Generally 50% deductible | Income Tax Act s.67.1 (50% limit on meals and entertainment) |
| Property flipping rule | Residential property owned less than 365 days is generally taxed as business income | Income Tax Act s.12(12) (residential property flipping rule) |
| Small business deduction | Lower corporate rate on active business income; generally available to a PREC unless the agent would otherwise be the brokerage's employee | Income Tax Act s.125(1) and 125(7) (small business deduction; “personal services business”) |
Who we work with
- New real estate salespersons
- Experienced agents and top producers
- Agents with a PREC or thinking about one
- Real estate teams
- Independent and franchise brokerages
- Brokers of record
T-Ledgers services for real estate agents and brokerages
- PREC setup and annual filings. Tax modelling, salary vs dividend planning and the T2, quoted after a free call (see corporate tax and salary vs dividend calculator).
- 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 real estate agents and brokerages
- Free call. We ask about your commissions, brokerage, PREC plans and how your records are kept.
- Written price. Scope and price in writing before any work starts.
- Setup. Commission and split tracking, HST codes, vehicle log and Dext for receipts.
- Monthly rhythm. Books done by the 10th on monthly plans, HST filed on time, tax set-aside estimates after big months.
- Year-end. T2125 or PREC T2 and your T1, all reviewed by a CPA.
Why real estate agents and brokerages choose T-Ledgers
- We know how agents get paid. Splits, desk fees, referral fees, PRECs and HST on commissions are everyday topics for us.
- 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 | Registered late or not at all | Done, but no set-aside planning | ✓Filed on time with tax set aside from each deal |
| PREC decision | Guesswork | General advice | ✓Modelled on your real income before you incorporate |
| Brokerage trust records | Mixed with operating money | Reconciled at year-end | ✓Reconciled monthly and kept separate |
| 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: Real estate agent
Once your taxable revenue passes the small supplier threshold, yes. Most agents charge HST on commissions to their brokerage.
Business costs such as brokerage fees, marketing, board and RECO dues, and the business share of your vehicle and phone. Client meals are generally 50% deductible.
Yes. We rebuild the records and file overdue returns in the right order.
It can make sense once you earn more than you need to live on, because the corporation can keep the rest at a lower tax rate. We model it on your numbers first.
You must own all the voting shares and be the sole director and president, stay employed by your brokerage, and notify RECO before the PREC is paid. Non-voting shares can be held by your spouse, children or parents, or in trust for your minor children.
Yes. We keep operating and trust records separate, run payroll for staff and prepare the brokerage’s T2.
If you sold a home or rental property you owned for less than 365 consecutive days, the profit is generally business income, unless a life-event exception applies. We review each sale before you file.
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.
Selling real estate in Ontario?
Talk to a CPA who understands commissions, HST and PRECs. 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 investors · Mortgage brokers · All industries