Bookkeeping for Real Estate Agents in Canada

Canadian real estate agents need streamlined, accurate bookkeeping to track commissions, deduct expenses properly, stay GST/HST compliant, and keep cash flow predictable throughout the year. Use a separate business account and credit card, record every deal and expense weekly, and reconcile bank and credit cards monthly to avoid errors and surprises. Track and categorize commission income, brokerage splits/desk fees, advertising and lead gen, vehicle mileage and fuel, home office, staging, photography, videography, signage, lockboxes, client gifts, licensing/dues, and education—keeping digital receipts for at least six years to stay audit‑ready. Register and file GST/HST when required, claim input tax credits correctly, and set aside a fixed percentage of each commission for taxes and quarterly installments. Use cloud software (QuickBooks or Xero) with realtor‑specific categories, connect your bank feeds, and review a monthly profit and loss and cash flow to plan for seasonality and year‑end taxes.

Practical tips

• Create deal folders with statements, invoices, receipts, and GST/HST details for each closing.
• Log mileage with an app and reconcile against fuel and maintenance expenses monthly.
• Automate rules in your software for recurring costs (MLS, brokerage, CRMs, ads) to save time and reduce miscoding.
• Schedule a Quick sessions such as “finance Friday” to reconcile, invoice, and review cash and upcoming remittances.