Tax Accountant for Rental Property Businesses
Simple Financial Assistance for Landlords and Property Management Firms
- Tax Accountant Specialized in the Industry
- Precise Financial Accounting
- Compliance with CRA & Audit Services
- Trustworthy CPA Accountants
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AFFORDABLE Accounting for Rental Property Businesses
Being the landlord of one rental property differs from being a landlord of several properties since the complexities of deposit management, expense allocation between properties, multiple rental contracts, etc., become additional issues, which an individual landlord preparing only a form T776 will not deal with. As an Accounting for Rental Property Businesses company, we provide accounting services based on your property portfolio.
We have extensive experience working with individuals who operate several properties, property management companies, and even real estate investment companies in the Greater Toronto Area.
Fully Licensed CPA Ontario
30-Day Money Back Guarantee
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60 Day Fees Matching Policy
Accounting That Supports Your Real Estate Portfolio
One spreadsheet can do wonders for your first property rental. This approach will simply not work when you are managing five rental properties – each of which has its own loan, turnover rate, and maintenance record.
Our financial reports and statements scale with your real estate portfolio – giving you insight at the property level when you need detailed information for a specific property, or consolidated reports when you want to take a broader view of the business.
Why Beta taxes for Rental Property
& Business Services?
Value in Analytics:
We will provide you with a breakdown of your rentals not only on a property-by-property basis but also on an aggregate basis for your entire portfolio of rentals.
Expert Guidance:
Our team is familiar with tenant deposit trust accounting, multi-property cost allocation, and CCA issues that come with having multiple rental properties.
Customized Support:
No matter whether you manage three or thirty properties in your portfolio, we will be ready to scale our service along with your portfolio.
Control and Oversight:
Let us raise any structuring or cash flow issues before you purchase the next rental property in your portfolio.
Full-Service Accounting for Rental Property Businesses
1. Personal Tax Returns for Rental Property Businesses
- Personal filing services for those owning properties either individually or through corporations
- Proper filing of rental income and gains either from individual or portfolio holdings
- Accurate computation of installment payments to ensure no large personal taxes bill surprises you
- Use of principal residence exemption where any property transaction is qualified
2. Bookkeeping Services for Rental Property Business
- Matching of your rent roll to bank deposits from each property in your portfolio
- Separate tracking of tenant’s deposits from your operational monies in the proper bookkeeping accounts
- Proper allocation of shared expenses from each property rather than pooling of expenses
- Monthly reconciliation of all accounts to keep your growing portfolio’s books accurate and ready for an audit
3. Business Tax and Accounting for Rental Property Business
- Your T2 return is filed within six months of the end of the fiscal year for those portfolios you have in a corporation
- Proper application of CCA classes is made for all your building and improvement assets; recapture is considered carefully
- Reporting is coordinated among various corporations should you own your portfolios in this manner
- Quarterly payments are calculated using last year’s calculation method so that your corporation does not get into the interest notice of CRA
4. Advising Services for Rental Property Business
- We assist you in determining how to hold your new purchases; personally, one corporation or more than one
- We provide advice on the financing structure and taxation implications prior to closing on new property
- Refundable dividend tax on hand for property holding company is tracked to take advantage of refunds
- Periodic review of portfolio structure is performed for your expanding portfolios beyond initial structure
5. Payroll Services for Rental Property Business
- We arrange and maintain payroll for property managers, maintenance personnel, or on-site superintendents
- We determine the correct deductions for CPP, EI, and income taxes, including the newly introduced CPP2 level
- We issue T4 forms for employees and T4A forms for subcontractors such as cleaning or maintenance services
- We file ROEs every time there is any change in staffing at your rentals
Case Studies
Capital Gain Reporting for an Investor Selling Stock Positions
Problem: The individual investor, who had sold some of his stock positions during the year, was uncertain as to how he should calculate his adjusted cost base and report the capital gain.
Solution: We compared his T5008 forms with his brokerage account statement, calculated his correct adjusted cost base for previous investments, and properly reported the gain using Schedule 3.
- Capital gain recorded correctly by Schedule 3
- Cost basis determined correctly and validated
- Paperwork strong enough to pass any CRA inquiry
Tax Joint Filing for a Newly Married Couple in Toronto
Problem: The couple was married during the middle of the year and did not realise that the way in which they filed taxes was different – from eligible credits transfer to what one of the spouses' tuition amounts could help the other.
Solution: The two returns were looked at simultaneously, and we figured out which credits should be transferred between the two and how the two should file in conjunction with one another.
- Both returns filed successfully as a paired couple
- Credits allocated to the more worthy spouse
- The couple is now aware about joint filing after marriage
Claiming Tuition and Relocation Expenses for a Graduate Student in Waterloo
Problem: The student moved for his work experience but was unsure whether his relocation expenses could be claimed as a deduction or how he should claim the unused tuition amount.
Solution: It involved evaluating the circumstances surrounding his relocation based on the eligibility requirements of the CRA and computing his deductible amount, as well as organising his years of unused tuition credits.
- Return prepared correctly with relocation expense deduction
- Tuition credits unused properly documented and categorized
- Student ready for using credits carried forward in the future
First-Time Home Buyers Credit for a Couple Buying a House in Milton
Problem: A couple that had just bought their first house did not know which credits and withdrawals they qualified for, one being the withdrawal from their RRSPs under the Home Buyers' Plan (HBP).
Solution: We verified whether they could apply for the first-time home buyers credit and reported their HBP withdrawal.
- Claimed first time home buyers credit in full
- HBP repayment amount accurately indicated
- Payment plan clearly established for future filings
testimonials
Our Clients' Results Speak for Themselves
Real success stories from businesses we’ve helped grow.
Expert Tax Advice for Truckers & Small Businesses
I had a great experience with at Beta Taxes CPA. He explained a complex CRA trucking issue in very simple terms and helped me understand the risks and the right way to move forward. Very knowledgeable, patient, and practical. If you are a trucker or small business owner looking for clear tax advice, I highly recommend Beta Taxes.
Sarang Vaid
Stress-Free Business Tax & CRA Compliance
Beta Taxes CPA provided excellent support for our business tax and CRA compliance needs. Their team is knowledgeable, proactive, and very responsive. They explained CRA requirements clearly, identified tax-saving opportunities, and handled filings accurately and on time. The entire process was smooth and stress-free. We highly recommend Beta Taxes CPA for reliable business tax and CRA support.
Pargat Sandhu
Expert Guidance for Canadian Home Sale Tax Matters
Alex has been so amazing! I sold my home shortly after moving to the UK on a temporary visa and it was so stressful navigating the Canadian tax system. Even from afar – across the world, Alex took his time walking me through what I need to do, advised me on next steps, and how he can help me through calls on Whatsapp and email. I received the letter I needed from him to proceed with the closing of my Canadian home sale. Thank you so much to Alex and the team for your guidance and help! I appreciate it so very much 😊.
Carmen Mach
FAQ’s
Frequently Asked Questions
Is influencer income from brand partnerships and sponsorship agreements subject to taxes?
Yes, indeed, because all types of influencer income, which include sponsorships, advertising income, and affiliate commissions, are subject to tax. Non-cash gifts such as a product sample or free travel also need to be reported on a tax return based on their fair market value.
If I received some gifts that have not been sold, would they be considered as my income?
Yes, the CRA requires that all gifts be reported at their fair market value as business income regardless of whether you keep the product or sell it.
When will I need to register for GST/HST?
When your total taxable income, including the value of gift products, exceeds $30,000 in four consecutive calendar quarters, then it is time for you to register for GST/HST.
How does it work in case of digital product sales?
In the case of selling courses or presets, HST is applicable for sales made to Canadian customers (13%) and zero-rated for sales to customers residing outside Canada.
Should I incorporate myself as a full-time content creator?
It would depend on the scale of your earnings and objectives. There are benefits from incorporation with regards to tax deferrals when your earnings start surpassing your personal needs, but this would entail some administrative work; we will assess your situation and advise accordingly.
Would it be possible to assist me with my foreign currency earnings coming from overseas?
Yes – we ensure proper conversion of foreign currency revenues and provide assistance if you happen to be working with overseas companies not based in Canada.
What are some of the things I could deduct as an independent contractor?
Typical deductions may be cameras and equipment used, editing tools, dedicated studio space and travel for collaborative sessions or shooting purposes.
Serving Construction & Real Estate Services
Ontario & Canada
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Your Dedicated Accounting Partner Is Just a Call Away
Each business has its own unique financial goals and the best accounting strategy is based on understanding the goals. If you’re in need of continuous support in accounting including bookkeeping, tax planning and payroll management, or business consulting services Our team is ready to assist.
In your initial call we’ll use the opportunity to understand your business as well as discuss the current challenges you face in accounting and suggest solutions that are tailored to your specific needs. You’ll get a better picture of how we will assist you in achieving financial success by providing clear communication, practical guidance and consistent, year-round service.
- Talk about your accounting and tax requirements
- Receive personalised recommendations based on your company's goals
- Find out more about our accounting process and service options
- What’s your budget?