Real estate accountant
Unlock the full potential of your real estate investments with our expert real estate accountants. At Taxory, we provide personalized accounting & bookkeeping services tailored to your real estate business.
Real estate is a massive industry in Canada that, for many years, allows investors to grow wealth and plan their retirement. Even the last couple of years, where it was a bit of a rollercoaster, have kept the industry booming. Whether you are a real estate agent, a beginner real estate investor or a seasoned property owner, you have something in common: you need a real estate accountant who can help with taxes and bookkeeping and let you focus on more critical tasks such as buying and selling properties.
At Taxory, we offer real estate accounting services to our clients. We have experience with individual real estate investors who own just a few properties in their name and property management companies owning dozens of buildings. We also work with real estate agents who receive commission from sales or commission from finding tenants for multi-tenant buildings. In addition, some of our team members are real estate investors, so we know from our experience what questions or problems you face during your real estate investment path.
We offer the following real estate accounting services
- Bookkeeping for real estate. Doing your bookkeeping takes time, and it’s challenging to do it without proper training; that is why our bookkeepers, who already have experience with real estate and adequate education, can help you with day-to-day bookkeeping. We offer multiple bookkeeping packages that target businesses of any size and provide free tax preparation services with each of our bookkeeping packages. Our team primarily uses QuickBooks Online for bookkeeping, but we also have experience with other software.
- Real estate tax preparation services. At Taxory, we follow the latest changes in tax law, and our real estate tax accountants will help you with tax preparation for your real estate investments. If you own properties in your name, we prepare your T1 income tax (sole proprietor or rental tax return). For corporations that also own properties, we prepare T2 corporate tax returns and file them to CRA.
- Real estate tax planning services. Real estate law is an essential part of any investment business. For example, should you buy a property in your name or through a corporation? You can only answer that question with a deep understanding of real estate tax law, so our tax accountants can answer your questions and help you decide on the best way to structure your company to ensure you comply with tax law and maximize your net income.
- New business incorporation. Eventually, your real estate business will grow enough to take advantage of small business deductions, and you may decide to incorporate. Our accountants are ready to help ensure the correct business structure for maximum benefits.
- Payroll services for real estate corporations. One of the requirements to switch your corporation income from passive to active (which affects the corporate tax rate) is to have full-time employees on the payroll. Our company will manage your payroll to ensure the payroll remittance calculation is done correctly and your employees receive everything on time.
Why should you choose a real estate accountant from Taxory?
When deciding which accounting firm to choose, you make a long-term time commitment because changing an accounting firm is complicated. When choosing an accountant, you need to be sure she has the right experience and relevant education, knows real estate rules and regulations, and already has clients who are in the real estate field. Taxory has it all, which is why Taxory is the best choice when you need a professional real estate accountant.
Our real estate accountant, Anna, is an investor herself. She has relevant accounting and business law education from Humber College and CPA advanced courses. Currently, Anna manages multiple real estate investment clients who are real estate agents, real estate developers, small companies owning numerous buildings and individual investors with properties in different parts of Toronto and the Greater Toronto Area (GTA).
Many happy clients trust our real estate accountant, Anna!
Our real estate accountants provide exceptional customer services adapted to each client’s needs. With the individual approach to each client, we meet and usually exceed clients’ expectations, which is positively reflected in our Google reviews.
Excellent and prompt service. Very thorough, affordable, and efficient. Great communication skills, very knowledgeable, and easy to work with. We will continue to work with Anna and the Taxory team... read more
A very helpful and responsive business. They deal with things promptly with a minimum of fuss and at reasonable prices. We have used them for the past 3 years' accounts... read more
I have been a client of Taxory for the past couple of years, and I can confidently say that their corporate bookkeeping services have been nothing short of exceptional. As... read more
Anna at Taxory Inc. is very helpful and has reasonable pricing for her work. I would highly recommend her for personal, business or corporate taxes!
Anna of Taxory accounting has been doing my corporate taxes now for 3 years and I couldn't be more pleased with her level of professionalism and expertise provided. Anna... read more
Excellent service - quick and accurate. Exactly what you would expect from qualified professional. Will definitely recommend for business and/or personal accounting and bookkeeping
Frequently Asked Questions (FAQ)
Should I buy real estate property in my name or a corporation?
The short answer would be to buy it in your name. That is the case for all beginner investors who own less than a dozen properties or do not have any commercial properties. However, we need to look into each case individually. The reason is once you as an individual own a real estate property, the income you get is taxed based on your personal income tax rate, which depends on your gross income. However, buying a property in your corporation name becomes a passive income and is taxed close to 50%. Converting your corporation from passive to active is only possible if you fall under the eligibility criteria for active business income. We recommend beginner investors buy real estate in their name, and once they have an extensive portfolio, you can look into incorporating your real estate business.
Hire a professional real estate accountant at Taxory!
Investing in quality help is a critical step for any real estate investor. To be successful, you need the help of somebody who knows the tax law and gives you helpful advice. Taxory is a full-service accounting firm, and our accountants and bookkeepers are ready to take some tasks off your plate and allow you to focus entirely on growing your real estate portfolio.