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Services Tailored to Suit The Real Estate Industry

Real Estate Sectors

Real Estate Accounting Services Tailored for Your Success

We offer our clients in the real estate industry a diversified list of services designed to partner with you to make your business better – and your life better.

Our clients are entrepreneurs that need the relationship that AZ Accounting Firm offers. We promote your growth, assist with process improvement and provide you with the knowledge and tools to make qualified decisions all while embracing new-fashioned technology and old-fashioned values

Whether you are new to the real estate field, or a seasoned veteran, AZ Accounting Firm can assist you through the intricacies of compliance in the areas of accounting and tax. We understand that real estate accounting can be complex, so we provide specialized services to real estate clients, regardless of your involvement as an agent, broker, developer, owner or investor. AZ Accounting Firm is the leading accounting firm for real estate professionals in Ontario, and across Canada

Speak with one of our accounting professionals to assist you in learning how to control your expenses, manage your income and reduce your tax burden. Learn to structure deals to optimize your success, including financing and tax liabilities and partner management.

We will assist real estate agents with the filing of common deductible expenditures such as real estate board fees, licensing fees, auto expenses, advertising and marketing expenses, insurance and technology costs such as your telephone and internet fees. As a full-service real estate accounting firm, we will take care of your bookkeeping, tax and payroll functions.

Real Estate Accounting Services Tailored for Your Success

AZ Accounting Firm is able to assist you in creating a Personal Real Estate Corporation (PREC). Effective October 1, 2020, realtors in Ontario are now able to incorporate and earn income through a Personal Real Estate Corporation (PREC). This provides new tax and income splitting opportunities for realtors. Contact us to find out if this is right for you.

Rental Properties

Ontario New Residential Rental Property Rebate (NRRPR)

We specialize in HST Rebate applications for new residential rental properties in Ontario

If you have recently purchased a home (or condominium) with the intention renting it out, then the property would be considered an investment property. As a purchaser of an investment property in Ontario, you may be eligible for the new residential rental property rebate (NRRPR).

When you purchase an investment property, you are generally required to pay the HST on the purchase and subsequently apply for an HST rebate from the government. The rebate amount can be significant as it can reach a maximum of $24,000.

To determine your eligibility for the HST rebate, the specialists at AZ Accounting Firm will assist you by completing and submitting the HST rebate application for you.

New Homes

You may be eligible for an Ontario HST Rebate for New Homes of up to $ 24,000

If you are an individual who purchased or paid for the construction of a new home, you may be eligible for an HST rebate. You may also be eligible to apply for an HST rebate if you have made significant renovations to your current place of principal residence.

You may be eligible to claim a Federal and Provincial (Ontario) HST rebate if you purchased or constructed a new house. This rebate is intended to compensate for part of the HST that you paid when you acquired your new home.

AZ Accounting Firm specializes in HST rebates for new homes in Ontario. To determine your eligibility for the HST rebate, the specialists at AZ Accounting Firm will assist you by completing and submitting the HST rebate application for you.

As A Small Business Owner, Should I Rent Or Buy?

For this answer, BNN Bloomberg spoke with Andrew Zakharia, founder of AZ Accounting Firm

  • Full cycle bookkeeping
  • Tax filings and returns
  • HST returns for real estate professionals
  • Residential Rental Property Rebate
  • HST rebate for New Homes
  • Personal Real Estate Corporation (PREC)
  • Investment property analysis for real estate listings

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Your Questions Answered

Real Estate FAQs

  • What is PREC?

    Personal Real Estate Corporation (PREC) allows real estate agents in Ontario to incorporate and receive income through a corporation.
  • Do I pay capital gain or income taxes on property sales?

    It depends on the nature of the sale; personal property sales often incur capital gains tax, while business properties, and property flipping, may be subject to income tax.
  • Is there HST on a property flip

    Yes, if the property flip is considered a business activity, HST (Harmonized Sales Tax) may apply.
  • What’s Underused Housing Tax (UHT)?

    UHT is a tax on underused residential properties owned by non-residents or non-Canadians to discourage leaving properties vacant.
  • Should I own a property through a corp or personally?

    It depends on factors like tax implications, liability protection, and investment goals. Consulting one of our tax advisors is recommended.
  • Can I expense renovations?

    Yes, you can expense renovations if they are for income-producing properties, but the costs must be capitalized and depreciated over time, unless it's a minor expense that does not materially increase the life or value of the property.
  • What’s the Smith Maneuver?

    The Smith Maneuver is a Canadian tax strategy that converts mortgage interest into tax-deductible investment loan interest.
  • I have a cottage outside of Canada? Do I need to file T1135?

    Yes, if the cost of your foreign property exceeds $100,000 CAD, you must file Form T1135 to report it to the CRA.
  • Should I claim CCA on a rental property?

    Claiming CCA on a rental property can reduce your taxable income, but it may affect your capital gains tax when you sell.

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Trusted By Our Clients

Companies of all sizes and industries rely on 
AZ Accounting to help solve their most complex accounting challenges.

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Discover the difference AZ Accounting can make for your business needs. Book a no-obligation call with one of our experts.