Real Estate Accountant for Agents, Brokers and Investors
Farrukh Ahmed, CPA, is a real estate accountant serving real estate agents, brokers and investors across the Greater Toronto Area, with an office in Mississauga. Let us help you find and make the most of your tax deductions and keep your bookkeeping simple. We’ve served the GTA for more than 30 years and have experience in the real estate industry. Tell us about last year’s deals and we’ll review your setup with you.
Did you know?
Farrukh has been a member of CPA Ontario since 2013, and his accounting designation goes back to 1992, when he qualified as a CGA. He previously worked with the CRA on tax matters for individuals and corporations. His priority is to keep the financial side of your real estate practice organized and filed on time, while you handle showings and offers.
More Than 30 Years in Practice
The practice has prepared tax returns across the GTA for over 30 years. In that time, Farrukh has worked with agents on commission, brokers and investors holding rental units, so the questions you bring are rarely new to him.
Taught Bookkeeping Software at Sheridan
Farrukh has taught bookkeepers and accountants at Sheridan College how to work in cloud accounting software. We apply it to agents’ files: each commission cheque, brokerage fee, staging cost and mileage log is recorded as it comes in.
Get The Help Of A
Chartered Professional Accountant.
Why hire a real estate accountant?
“If you want to go fast, go alone. If you want to go far, go together.” (Proverb)
A real estate accountant becomes part of your team and takes care of the financial records of your business, whether you are a real estate agent working as a sole proprietor or through a corporation.
Commission income, cash flow and HST
Commission income rarely arrives evenly. A strong spring market can be followed by a slow winter, so we help agents plan cash flow and set aside tax and HST from each sale. We also track expenses such as marketing, vehicle costs, office fees paid to your broker and staff wages, so each transaction is recorded correctly in your accounting.
Your first year as a real estate agent
For real estate agents who are new to the market, the first year is often the hardest on the tax side. We help you set up a simple process to put money aside for tax, track each sale and file your first return on time. As your sales grow, we review whether your accounting setup still fits. We work within the tax rules and look for the deductions and credits that apply to you.
Is a personal real estate corporation worth it?
Some agents in Ontario work through a personal real estate corporation (PREC). It adds a corporate tax return and more bookkeeping, so we look at your commission income and spending to see if it fits your situation.
Rental properties and property sales
Real estate investors face different questions. Rental property income and expenses go on your tax return each year, and the tax treatment of a property you sell depends on how and why you held it.
The principal residence exemption and HST on new or commercial real estate also need careful handling. Whether you hold one rental property or several, we review acquisitions and sales before they are reported, so you understand the tax side of each investment and your financial reporting stays accurate.
We’ve worked with many entrepreneurial real estate agents, and our real estate accounting and tax services cover:
- Commission income tracking and planning
- Accounts payable
- Bill payments
- Financial statements
- Payroll services
- Business tax return
- Business tax planning
- Personal income tax returns (T1)
- Rental property income and expense reporting
- Capital gains and principal residence exemption reporting
- Tax minimization strategy
- Filing for tax refunds
- CRA Assessment Support, including correspondence and representation
- GST/HST filings, monthly, quarterly or annual
- Advisory & Consulting Services
- Incorporating, including personal real estate corporations
- Operating expense analysis
- Bookkeeping and accounting
- Salary vs. dividend planning
See Review on Google
Farrukh has been my business accountant for many years now. He helped me incorporate, taught me Quickbooks, and he files my corporate year end taxes, as well as quarterly HST filings. He also provides overall financial advice and does my personal taxes. He is very quick to answer any questions or concerns, and very professional.
Specific Practice Areas
We provide accounting services across many areas of the real estate market. Our team works with real estate clients at every stage, from a new agent’s first sales to property management companies and investors with several properties. If you have a specific question, or you’re not sure whether we can help, please start with a discovery call. If we’re a good fit, we’ll set up a complimentary strategy session at our office or on Zoom.
Accountant for…
- Real estate agents
- Brokers
- Real estate investors
- Real estate management companies
- Real estate developers