About UsPricingReviewsContact UsClient Portal loginBook a Free 30-Min Call
About UsPricingReviewsContact UsClient Portal loginBook a Free 30-Min Call
Services
Get caught up
Catch-Up BookkeepingFrom $1,800Books & payroll
BookkeepingFrom $350/monthPayrollGet a quoteSR&ED ClaimsEnd-to-end SR&ED claims, quoted after consultationSR&ED for Software CompaniesQuoted after consultationSR&ED-Ready BookkeepingBooks + T2 for SR&ED claimsTax filing
Corporate Tax (T2)From $800 · nil T2 from $249GST/HST Filing$150 per returnPersonal Tax (T1)From $110 · students from $49Sole Proprietor Tax (T1 + T2125)From $300Start & grow
IncorporationFrom $499 + gov feesVirtual CFOFrom $2,500/monthAI Consulting & AutomationFor small businessesIndustries
Construction & tradesConsultantsTech startupsReal estateHealthcareSee all industries →More
PricingService areasAll services →Accounting and Tax for Ontario Real Estate Investors, Landlords and Agents
Rental schedules, CCA, HST rebates, flips, assignments and holding companies, handled by a CPA-led accounting firm that asks the right questions before you buy, build or sell.
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 29 Google reviews (read our reviews)
T-Ledgers is a CPA-led accounting firm working with Ontario landlords, real estate investors, small builders and real estate agents. Wajahat Ajmal, CPA, FCCA, has been practising since 2020. We prepare rental schedules, corporate and personal returns, HST filings and rebate applications, and bookkeeping for property holding companies, and every return is reviewed by a CPA.
Real estate tax mistakes tend to be expensive and hard to undo. Most of them can be avoided by asking the right question before you buy, build or sell.
Real estate tax issues we handle
Rules, rates and thresholds change. We confirm the current figure for your situation on the call before relying on it.
Rental income and expenses
Individual landlords report rental income on Form T776 with their T1. Mortgage interest (not principal), property tax, insurance, utilities you pay, property management fees and repairs are generally deductible. Rent from a property you own with someone else is split by ownership share.
Law: Income Tax Act s.9(1) (business income); Income Tax Act s.18(1)(a) (expenses to earn income); Income Tax Act s.20(1)(c) (interest).
Repairs or improvements?
Current repairs that restore a property to its original condition are deductible right away. Improvements that extend its life or make it better than before, such as a new roof upgrade, an addition or a full renovation before renting, are capital and go into CCA. This is one of the most common reasons rental returns get reassessed, so we document the split.
Law: Income Tax Act s.18(1)(b) (capital outlays); Income Tax Act s.20(1)(a) (capital cost allowance).
CCA on rental buildings
Most residential rental buildings are Class 1 (4%), or Class 1 with an accelerated 10% rate (4% plus a 6% additional allowance) for qualifying new purpose-built rentals that started construction after April 15, 2024 and before 2031. Land isn’t depreciable, so the purchase price has to be split between land and building. CCA generally can’t create or increase a rental loss, and claiming it can mean recapture when you sell. We show you the trade-off before you claim.
Law: Income Tax Act s.20(1)(a) (capital cost allowance); Income Tax Regulations s.1100(1) and Schedule II (CCA classes); Income Tax Act s.13(1) (recapture); Income Tax Regulations s.1100(11) (CCA limit on rental property).
HST on new homes and new rental properties
Buyers of new homes may qualify for the federal and Ontario new housing rebates. For homes bought from a builder or started between April 1, 2026 and March 31, 2027, Ontario’s temporary enhanced new housing rebate can refund much more of the provincial HST on a home you or a relative will live in. The first-time home buyers’ GST/HST rebate may also apply.
New rental properties and the self-supply rule
Landlords who buy a new home to rent out generally don’t get the rebate at closing and must apply for the new residential rental property rebate instead. Landlords may qualify for Ontario’s enhanced new residential rental property rebate, unless the purpose-built rental housing rebate applies. Building or substantially renovating a home and then renting it out or moving in can trigger HST on its fair market value under the self-supply rules. Residential rents themselves are generally HST-exempt.
Law: Excise Tax Act s.256.2 (new residential rental property rebate); Excise Tax Act s.191(1) (self-supply of a new home); Excise Tax Act Schedule V, Part I (exempt residential rents and used homes).
Flipping, assignments and the principal residence exemption
Profits on a home held for less than 365 days are generally treated as business income, with limited exceptions for life events such as a death, a new job or a separation. Selling your agreement of purchase and sale on a pre-construction home (an assignment) is generally a taxable supply for HST, and the profit may be business income rather than a capital gain. Sales of a principal residence must still be reported on your return to claim the exemption.
Law: Income Tax Act s.12(12) (flipped property deemed business income); Income Tax Act s.40(2)(b) (principal residence exemption); Income Tax Act s.54 (“principal residence”); Income Tax Act s.38(a) (taxable capital gain).
Selling a rental property
When you sell, you can have a capital gain on the land and building, recapture of past CCA and HST questions if the property was new or used commercially. We estimate the tax before you list, so the cash from closing isn’t spent twice.
Holding companies and corporate ownership
Rental income in a corporation is usually passive income, so it doesn’t get the small business rate unless the company has more than five full-time employees in the business. A holding company can still make sense for liability, estate or family planning, but transferring existing properties in can trigger land transfer tax and HST. We model it before you move anything.
Law: Income Tax Act s.125(7) (“specified investment business”); Income Tax Act s.85(1) (rollover to a corporation).
Short-term rentals
Short-term rentals of less than a month can be taxable for HST, and expenses for short-term rentals that don’t comply with local bylaws may be denied. Platforms now report host income to the CRA, so your return has to match.
Law: Income Tax Act s.282 to 288 (digital platform reporting); Excise Tax Act s.165 (GST/HST imposed).
Non-resident owners
Non-resident landlords face 25% withholding on gross rent unless they file an NR6 and a Section 216 return, and selling Ontario property as a non-resident needs a clearance certificate.
Law: Income Tax Act s.216 (non-resident rental election); Income Tax Act s.116 (non-resident dispositions).
Real estate agents
Commission income, HST on commissions and a personal real estate corporation (allowed in Ontario since 2020) all need planning. We look at whether a PREC saves you tax after the extra costs.
Law: Income Tax Act s.9(1) (business income); Income Tax Act s.125(1) (small business deduction); Excise Tax Act s.240(1) (registration).
Who we work with
- Landlords with one to dozens of units
- Investors with property holding companies
- Pre-construction buyers and assignment sellers
- Short-term rental hosts
- Small builders and renovators
- Real estate agents, brokers and PRECs
- Non-resident owners of Ontario property
Services for real estate investors, landlords and agents
- Rental and real estate personal tax (T1), from $110. Rental schedules are part of a regular T1 (see personal tax).
- Section 216 non-resident rental returns, from $110.
- Corporate (T2) returns for holding companies, from $800 (nil returns from $249; see corporate tax).
- GST/HST returns, $150 per return. New housing and rental rebate applications quoted after a free call.
- Bookkeeping Review, $195/month or $295/quarter. For landlords who track their own rent and expenses.
- Bookkeeping, from $350/month (quarterly); monthly bookkeeping from $500/month (see bookkeeping).
- Catch-up bookkeeping, from $1,800 per year. For portfolios with missing years (see catch-up bookkeeping).
- Virtual CFO, from $2,500/month. Portfolio cash flow, financing and acquisition analysis (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 clients
- Free call. We ask what you own, how it’s held, what you plan to buy or sell, and how far behind you are.
- Written price. You get the scope and price in writing before any work starts.
- Setup. One class or location per property in QuickBooks Online or Xero, with Dext for receipts.
- Before each deal. We check HST, rebates and the tax on a sale before you sign.
- Year-end. T776 or T2, CCA schedules and rebates, all reviewed by a CPA.
Why real estate investors, landlords and agents choose T-Ledgers
- We ask before you buy, build or sell. HST rebates, flipping rules and CCA trade-offs are checked before the deal, when they can still be planned.
- CPA-led, start to finish. T-Ledgers was founded by Wajahat Ajmal, CPA, FCCA. Every return is reviewed by a CPA before it's filed.
- 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 | |
|---|---|---|---|
| Repairs vs improvements and CCA | Easy to expense capital items | Usually done at year-end | ✓Split documented, with the recapture trade-off explained |
| HST rebates on new homes and rentals | Often missed or filed late | Varies | ✓Checked before closing |
| Flips, assignments and sales | Rules are easy to miss | Varies | ✓Tax estimated before you sign |
| 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
Net rent is added to your other income and taxed at your marginal rate. You report it on Form T776 with your T1, or on the T2 if a corporation owns the property.
Only the interest on money borrowed to buy or improve the rental. Principal isn’t deductible.
Replacing like with like is usually a repair; upgrading to something better or longer-lasting is usually capital. We review invoices with you and document the decision.
Yes. You report the rent and deduct the share of expenses for the rented part. Claiming CCA on your home can affect your principal residence exemption, so we usually advise against it.
Capital cost allowance is tax depreciation on the building, usually 4% a year in Class 1. It lowers tax now but can be recaptured when you sell, so we show you both sides first.
Generally not. CCA on rental properties can’t create or increase a rental loss.
Usually a capital gain on the increase in value, plus recapture of any CCA you claimed. We estimate it before you list.
Generally half of the gain is included in income. We confirm the current rules for your year of sale.
Long-term residential rent is generally exempt. Short-term stays of less than a month and commercial rent can be taxable.
Not at closing. Landlords generally apply for the new residential rental property rebate instead, and Ontario’s enhanced rebates may add more.
If you build or substantially renovate a home and then rent it out, you’re generally treated as selling it to yourself and owe HST on its fair market value. Talk to us before you start.
Generally yes for HST, and the profit may be business income rather than a capital gain.
Profit on a home you held for less than 365 days is generally business income, fully taxable, unless a listed life event applies. The principal residence exemption isn’t available on a flip.
Sometimes. Rental income in a corporation is usually passive and taxed at a high rate, but a corporation can help with liability and estate planning. We model it before you buy.
Often once commissions are well above what you need to live on. We compare the savings with the extra filing costs.
Usually an NR6 so tenants or your agent withhold on net rent instead of gross, and a Section 216 return each year. We prepare both.
Rental T1 returns start from $110, Section 216 returns from $110, holding company T2 returns from $800 (nil from $249), GST/HST returns are $150 per return, monthly bookkeeping starts from $500/month (quarterly bookkeeping from $350/month) and catch-up from $1,800 per year. Prices are + HST/GST. You get the price in writing before any work starts.
Before you buy, build or sell. Most expensive mistakes are about structure and timing, and they’re cheaper to avoid than to fix.
Yes. We track each property separately so you can see which ones actually make money.
Yes, by appointment at our Etobicoke or Mississauga office, or we can work entirely online.
Talk to a CPA before your next deal
Book a free call about your rentals, rebates or next sale. We reply within one business day; call 866-254-5368 and a real person answers 24/7.
Reviewed by Wajahat Ajmal, CPA, FCCA. Updated October 15, 2026.
Related services: Bookkeeping · Catch-up bookkeeping · Corporate taxes · Personal tax · Payroll · Virtual CFO · Contact us
Rates and thresholds change, so we link to the official sources for current figures.