Accounting for property management companies in Ontario
Property managers handle owner funds, rent collection, and per-property reporting, which demands clean separation and accurate owner statements.
CRA EFILE authorized · Every filing signed by an accountant · Switching is free — about an hour of your time
taxifi · Property Management Companies
This month
- Bookkeeping Current
- Payroll & source deductions Filed
- HST Filed
- Year-end tax (T2) On track
The problems we take off your plate
Owner funds kept separate
Money you hold for owners is tracked distinctly from your own, so nothing is ever commingled on the books.
Reporting by property
Income and costs are tracked per property so owner statements are accurate and quick to produce.
Staff and contractors
Payroll and contractor payments are handled with the right reporting to CRA.
What’s included
Published prices for incorporated Ontario property management companies. Everything below is handled.
- Per-property bookkeeping and owner reporting
- Rent and fee tracking
- Payroll for staff and contractors
- HST returns prepared and filed
- Year-end corporate tax (T2), from $1,000 a year
| Area | A typical setup | With taxifi |
|---|---|---|
| Your books | Weeks or months behind | Current every day |
| Year-end (T2) | A spring scramble, billed extra | Included, no surprise invoice |
| Your accountant | Metered by the hour | Unlimited questions, flat monthly |
Residential rent is exempt; your management fee is not
Property management sits on top of two different tax worlds. Long-term residential rent is generally an exempt supply, while commercial rent is generally taxable — and your management fee is generally taxable regardless of which kind of building you manage. Confusing the landlord's treatment with your own is the most common error in this industry.
Trust-like handling of other people's money is the second theme. Rent collected on behalf of owners, damage deposits, and reserve funds are not your revenue, and books that blur the line between owner funds and company funds create problems with both owners and CRA. Separate ledgers per property, reconciled monthly, is the standard the business needs whether or not anyone is asking for it yet.
Common questions
Can you report by property?
Yes. Income and costs are tracked per property so owner statements are accurate.
Do you work with incorporated management companies?
Yes. Incorporated property managers are a core fit.
Do I charge HST on my property management fees?
Generally yes — property management is a taxable service, and your fee is normally taxable even when the underlying residential rent is exempt to the landlord. The two treatments are separate, and conflating them is the most frequent HST error in this industry.
How should rent collected for owners appear in my books?
Not as your revenue. Money collected on an owner's behalf is a liability until remitted, tracked per property, with your management fee recognized separately as your own income. Blending owner funds into company revenue overstates your business and makes owner reporting unreliable.
Books and taxes for your property management company, done
Bookkeeping from $99 a month, accountant-reviewed from $299, corporate T2 from $1,000 a year. Prices are published; a call confirms the fit.
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