Real Estate Accountant Services in Toronto​

Accounting for real estate in Toronto can be complicated because of the complex rules and regulations. Whether you’re an independent broker or a large real estate firm, Hart Accounting Services can give you expert real estate accountant services in Toronto.

We provide comprehensive and accurate real estate accounting solutions to help you stay compliant and make the most of your investments. Our team of certified professionals is equipped to handle all aspects of real estate accounting—from bookkeeping to tax preparation and more.

Investing in real estate can be a great way to build long-term wealth. But if you’re not careful, it can also become a huge financial burden.

An ordinary day in the life of a real estate entrepreneur can be complicated and time-consuming. 

From managing rental properties to tracking income and expenses, it’s easy to get overwhelmed by paperwork. That’s why hiring an experienced real estate accountant in Toronto is essential for streamlining your financial operations.

We’ll make your processes more efficient and reliable. We’ll take the burden off your shoulders so you can work on growing your business while we handle the day-to-day accounting duties.

When you partner with us, you can focus on getting and nurturing your relationships with them. In return, we’ll take care of the financial side of your business, including: 

  • Tracking income and expenses 
  • Setting up and managing rental properties 
  • Preparing taxes to ensure compliance with Canadian laws 
  • Implementing strategies for reducing costs and maximizing returns on investments

Hart Accounting Services specializes in providing real estate-specific accounting services to ensure you maximize the tax benefits of your investments. Our experienced team of CPAs have worked for a variety of organizations, from large corporations to small businesses, so we understand how important it is to get the most out of your investments while staying on top of all current regulations. 

One of the tax benefits we can ensure you receive is the ability to claim depreciation and capital gain losses on real estate investments. We understand how the rules governing these deductions are ever-changing and will stay up to date with them, so you don’t have to worry about missing out on any potential tax savings.

Additionally, we can help you determine what deductions you are eligible for, such as interest expenses and repairs. This way, you’ll have a clearer understanding of the tax implications of your real estate investments so that when it comes time to file your taxes, everything is in order.

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Choosing or switching accountants is a big step for any business, so let’s talk about what’s right for your situation.

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Amazing help, support, and staff. Very professional and friendly folks! I use them for all of my businesses and never have to worry about tax season again.
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As with any other business, real estate comes with its own risks, such as:

  • Market fluctuations
  • Regulatory changes
  • Financial mismanagement. 

Working with a real estate accountant in Toronto can help you minimize those risks by giving you the tools to make informed decisions. Not only will we help you understand the complexities of real estate investing, but our services can also protect your investments from unexpected losses due to market changes or mismanagement.

With over 82,000 real estate agents in Ontario, it can be difficult to stand out from the crowd. Our real estate accountant services in Toronto can help you gain a competitive edge in this saturated industry through:

  • Comprehensive financial analysis and advice that can help you make smarter decisions when it comes to investing in real estate. 
  • Accurate bookkeeping services that keep track of your investments so you know exactly where your money is going. 
  • Innovative tax strategies to reduce your taxes and maximize the return on your investments. 

The best thing about our Toronto real estate accountant services is that they are tailored to your individual needs. We understand that every investor has different goals and objectives, so we provide personalized advice and guidance to ensure you get the best possible results. 

Call Us Today, Risk Free

Choosing or switching accountants is a big step for any business, so let’s talk about what’s right for your situation.

Without proper accounting and reporting procedures in place, you could face serious legal consequences. Hart Accounting Services has the experience and knowledge necessary to ensure that your Toronto-based real estate business stays compliant with all local and federal regulations.

For instance, realtors should:

  • Keep accurate records of all income and expenses
  • Understand the tax implications of real estate transactions
  • Ensure that all financial statements are up to date
  • Prepare for annual audits with the Canada Revenue Agency (CRA) 

The audits, in particular, are a major source of stress for many realtors. With Hart Accounting Services, you can rest assured that your financial records are in order and that you won’t face any unexpected surprises during audits.

With the help of Hart Accounting Services, you can gain access to actionable data and insights that will inform your real estate decisions. Whether you are buying, selling, or managing rental properties, our experienced professionals will provide comprehensive financial analysis and advice to ensure you make sound investments. 

With an in-depth knowledge of local market trends, we can offer valuable guidance on when is best to buy or sell, as well as how much money should be allocated for any given venture. 

We provide tailor-made services and comprehensive financial planning that ensure you make the most out of your investments, from tax planning and portfolio management to retirement strategies. 

Frequently Asked Questions

Here are some questions business owners frequently ask when they consider hiring real estate accountant services

Do I need real estate accounting services?

Yes! Real estate accounting requires specialized knowledge and expertise in order to ensure accuracy and compliance with regulations. 

In Canada, real estate businesses are subject to the Income Tax Act, GST/HST rules, and local Provincial regulations. Without a knowledgeable accountant, you could miss out on important deductions and be exposed to unnecessary risks. 

Hart Accounting Services can help you manage your real estate investments, navigate tax laws, and maximize profitability.

What do your real estate accounting services include?

At Hart Accounting Services, we provide comprehensive real estate accounting services to help you meet your financial goals. Our services include:

  • Preparing financial statements and reports
  • Developing a budget for current and future real estate investments
  • Tracking income and expenses related to real estate holdings
  • Analyzing cash flow from rental properties 
  • Implementing proper accounting procedures 
  • Financial forecasting, planning, and analysis 
  • Advising on tax matters related to real estate investments

We’ll work closely with you to understand your specific needs and develop a customized approach. 

Do I have to pay property purchase tax as a first-time buyer?

Yes, property purchase tax does apply to first-time buyers in Toronto. Depending on how much you are paying for your new home and where it is located, the amount of property purchase tax can vary. 

Our experienced accountants at Hart Accounting Services can help you determine the amount of property purchase tax due and provide guidance on any deductions or credits that may be available to you. 

I am not Canadian. Are there any restrictions on buying real estate in Canada?

As of January 2023, the Canadian government implemented the Purchase of Residential Property by Non-Canadians Act, which states that non-Canadians can’t purchase residential properties in the Census Metropolitan Area (CMA) and Census Agglomerations (CA) for the next two years. Residential property is defined as buildings with three or fewer dwelling units, such as semi-detached properties and condominium units.

Meanwhile, the act allows foreigners to purchase residential properties outside of the CMA and CA. Non-Canadians can also buy larger buildings, specifically those with four or more dwelling units. 

Contact Us Today

Address (by appointment only): 2002 Yonge St, Toronto, ON M4S 1Z7

Phone Number: (647) 360-7172

Hours:

  • Monday-Friday: 9AM – 6PM
  • Saturday-Sunday: 10AM-5PM
Call Now: (647) 360-7172