Real estate and PREC Quick guide
Commercial and residential realtors: 7 year-end records to organize before tax season
Have seven things ready. Every brokerage commission statement and referral fee record.
Tax guides › Real estate and PREC
Guides for realtors and PRECs
Real estate agents keep two sets of obligations: the CRA's and their brokerage's. These guides cover GST on commissions, what a mileage log needs, how long records are kept, and what to organise before tax time.
The PREC guide sets out the questions that decide whether a Personal Real Estate Corporation makes sense. It does not tell you to incorporate; that depends on your numbers.
7 guides in this topic
Real estate and PREC Quick guide
Commercial realtor taxes: 7 records to keep when deals take months to close
When a deal spans two years, the commission is income when it is earned under your agreement, usually at closing.
Real estate and PREC Quick guide
GST on realtor commissions: 5 things new agents often miss
Commissions are taxable for GST. Once your commissions pass $30,000 in a quarter or over four quarters you must register, and most agents cross that line quickly.
Real estate and PREC Quick guide
PREC or no PREC? 7 questions to ask before incorporating as a BC realtor
It depends on your numbers and your plans. A PREC can make sense when you consistently earn more than you need to live on and can leave the rest in the corporation.
Real estate and PREC Quick guide
Realtor records: what should you keep for 6 years, 7 years, or longer?
For tax, keep your records six years from the end of the tax year they relate to.
Real estate and PREC Quick guide
Realtor vehicle expenses: what your mileage log actually needs
Log every business trip with the date, where you went, why, and the kilometres: showings, listing appointments, open houses, brokerage meetings, inspections, client meetings.
Real estate and PREC Practical guide
Your PREC year end: what to gather for your corporate and personal tax appointment
Two sets of records. For the corporation: commission statements, bank and card statements, expense records, GST filings, and a note of every payment from the company to you.
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Tax Returns for Real Estate Agents and PRECs in Surrey
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