Bookkeeping Built for Ontario Real Estate Agents
A real estate agent is a self-employed business owner with an unusual income pattern: nothing for weeks, then a large commission cheque that has already had brokerage fees, splits and HST run through it. Add marketing spend, board and association dues, vehicle costs, client gifts and a growing stack of software subscriptions, and the books fall behind quickly. BKInk provides cloud-based bookkeeping for Ontario real estate agents and realtors so your commission income is recorded correctly, your deductible expenses are captured, your HST is tracked and your numbers are ready for your accountant at year-end.
Common Bookkeeping Challenges for Real Estate Agents
Commission income that never matches the deposit. The amount that lands in your bank account is the net of what the brokerage deducted: desk fees, splits, transaction fees, marketing charges and HST. If the deposit is simply recorded as “income”, gross revenue is understated, the brokerage fees are never claimed and the HST position is wrong. Each brokerage statement has to be broken out line by line.
Expenses scattered across personal and business accounts. Staging, photography, signage, online advertising, lockboxes, mileage, mobile phone, client appreciation and continuing education often go through whichever card was handy. Without a consistent process, legitimate business expenses are missed and personal items creep into the books.
HST on both sides of the ledger. Most Ontario agents are HST registrants: you collect HST on commissions and pay HST on brokerage fees, advertising, software and supplies. Tracking both correctly determines what you actually owe, or are owed, each filing period, and it is one of the most common places agent bookkeeping goes wrong.
Uneven cash flow. Two closings in one month and none the next makes it hard to know what is safe to spend, what to set aside for HST and income tax, and whether the business is actually profitable over the year rather than just in a good quarter.
Personal real estate corporations (PRECs). Agents who have incorporated take on corporate bookkeeping, a separate year-end and the need to keep personal and corporate transactions cleanly apart. The books have to be set up for that structure from day one.
How BKInk Helps
We set up or clean up your QuickBooks Online file so the chart of accounts reflects how an agent’s business actually runs: gross commission revenue, brokerage fees and splits, referral fees, marketing and advertising, board and association dues, vehicle and travel, professional fees, software and technology, and client-related costs. Each month we record every brokerage trade statement at gross, categorize every transaction, reconcile every bank and credit-card account, and keep receipts attached to the transactions they belong to.
HST collected on commissions and HST paid on expenses are coded correctly so each filing period shows a reliable balance, and where you want us to file we prepare the return through our HST filing service. Monthly you receive a profit and loss statement, a balance sheet and a plain-language summary of where the money went, so you always know your real margin after brokerage costs and marketing. At year-end the file goes to your accountant reconciled and complete, or to our own self-employed T1 or corporate T2 preparation if you prefer bookkeeping and tax handled together. If you are behind, our catch-up bookkeeping service brings prior months or years current first.
What We Track for Real Estate Agents
- Commission income at gross, with brokerage fees, splits, transaction fees and referral fees recorded separately from each trade statement.
- Marketing and advertising: listing photography, staging, signage, print, online ads, website and lead-generation subscriptions.
- Dues, licensing and education: real estate board and association fees, licence renewals and continuing-education courses.
- Vehicle, phone and home-office costs, recorded so the business-use portion can be supported at tax time.
- HST collected and HST paid, reconciled each period against your bank activity.
Why Choose BKInk
- Founder-led, dedicated bookkeeper who is a Certified QuickBooks Online ProAdvisor and Technician of CPB Canada.
- Built for self-employed professionals: clean separation of personal and business activity, and books that are ready for a T1 or PREC year-end.
- Cloud delivery that fits an agent’s schedule: photograph receipts from your phone, review reports between showings, and reach a real bookkeeper by e-mail, phone or Zoom.
- Fixed monthly pricing scaled to transaction volume and the services you use. See bookkeeping pricing.
Frequently Asked Questions
Most do. Once your commission income exceeds the CRA small-supplier threshold you are generally required to register for HST and charge it on commissions, and you can then claim input tax credits on the HST you pay for brokerage fees, advertising and other business expenses. We track both sides so each filing period is accurate. Registration and filing questions specific to your situation should be confirmed with your accountant or the CRA.
We work from your brokerage trade statements, not just the bank deposit. Each statement is recorded at gross commission, with splits, desk and transaction fees, referral fees and HST recorded separately, so your revenue, expenses and HST position are all correct and every brokerage fee is captured.
Yes. We keep corporate and personal activity separate, maintain the corporate books in QuickBooks Online and prepare a reconciled file for your corporate year-end, either for your accountant or through our own corporate year-end and T2 preparation service.
With a catch-up. We gather your bank and credit-card statements and brokerage statements for the missing period, record and reconcile everything, sort out the HST, and bring the file to a current, accurate position before moving to monthly bookkeeping.
We record and categorize your expenses accurately and keep the supporting documents organized so that your accountant, or our own tax preparation service, can determine deductibility at filing time. We do not provide legal advice or formal tax opinions.
Ready for Bookkeeping That Fits a Real Estate Business?
Stop reconstructing a year of commissions and receipts every spring. Schedule a consultation and we will set up a QuickBooks Online file that records every trade statement correctly, tracks your HST and shows you what your real estate business actually earns.
Schedule a Consultation | Contact BKInk
Related Services
- Monthly Bookkeeping Services — our core service for Ontario small businesses.
- Bookkeeping for Self-Employed Professionals — for sole proprietors and independent professionals.
- HST Filing Services — HST tracked and filed on time.
- Catch-Up Bookkeeping — bring months or years of records current.
- Support for QuickBooks Online — setup, cleanup and ongoing help.
- All industries we serve