Real Estate agents have specialized accounting needs. They are self-employed workers and have a variety of different expenses that can be used as deductions at tax time. Properly calculating marketing expenses, evaluating the ROI (Return on Investment) for any marketing and promotional materials, determining HST remittances, managing vehicle, cell & other expenses in relation to selling property can become more difficult if these expenses are not tracked correctly.
A Real Estate agent’s income will also fluctuate due to market conditions and seasonality. These factors make keeping proper and accurate accounting records very important. When you earn commission on selling a house, you want to be able to keep as much of it as you can!
James Walker is an experienced Chartered Professional Accountant that focuses on Real Estate agents as self-employed individuals. He has worked with many real estate agents over the years. He will be able to advise you on how best to structure your income & expenses in order to make the best decisions on ensuring your taxes are paid on time and for the correct amount.