Accounting for property management
Property managers handle money that belongs to owners as well as running their own business. Clear, separate records give owners confidence and meet CRA requirements.
Common challenges we solve
Owner funds kept separate
Clear records of owner funds and your operating funds, with statements that are easy for owners to understand.
Repairs versus improvements
Getting the split right decides what you can deduct this year and what gets depreciated over time.
Non-resident owners
Rent paid to owners living outside Canada comes with withholding and filing rules that are easy to miss.
Frequently asked questions
What's the difference between a repair and a capital expense?
A repair restores something to how it was, like fixing a leak, and is deducted in the year you pay for it. An improvement that upgrades or extends the life of the property, like a new roof with better materials, is a capital expense and is depreciated through capital cost allowance.
What do I need to do for a non-resident owner?
As the agent, you generally withhold 25% of the gross rent and remit it to the CRA by the 15th of the following month, unless the owner has an approved NR6 form, in which case withholding is based on net rent. You also file an NR4 information return each year. We can manage the full process for you.
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