Accounting for your industry
Accounting for real estate.
From commission income for agents and brokerages to rental properties and investment sales, planned before you buy or sell.
- Personal real estate corporations
- Rental income
- Property sales
Questions worth getting ahead of
- Reconciling commissions, deposits and business expenses
- Tracking rental income and costs by property
- Planning a purchase, sale or change of structure before it closes
Bring commission records into a consistent process
Broker statements, deposits, team arrangements and expenses should be tied together rather than reviewed in isolation. Explain how commissions are earned and shared and keep the agreements that support the transactions. A personal real estate corporation changes the questions, so raise it before the year-end rather than after.
Explain the use, ownership and intention of each property
How a property is used and held affects the tax treatment of rental income, improvements and a sale. Provide the ownership details, purchase history and any planned change. A short description such as “investment property” may not tell the whole story, and no general example establishes the treatment of a particular property.
Coordinate before signing or closing
Raise tax questions before a transaction becomes difficult to change. The accountant and the lawyer may need to consider different parts of the same plan, and a holding company or a change in ownership involves both. Trust-account and regulatory reporting for brokerages is scoped explicitly, not assumed to be part of ordinary bookkeeping.
Support to discuss with Versa
Personal tax
Your personal return done right, whether it’s simple or includes self-employment, rental or investment income.
What it involves TaxCorporate tax
Your T2 filed accurately and on time, with year-end planning that keeps more money in your business.
What it involves AccountingBookkeeping
Monthly books in QuickBooks or Xero, reconciled to the bank and ready for tax time. We can also set up or clean up your system.
What it involves AdvisoryIncorporation
We’ll tell you whether incorporating makes sense, then set it up properly from day one.
What it involvesStart with the way your business works
Tell the team how you earn revenue, which systems you use, how current your records are and what decision or deadline is coming next. That context helps identify the work to discuss — rather than assuming every business in your industry needs the same package.