Tax Accountant for Condo Property Managers in Ontario and Across Canada
We run the books for your management company and the condos you manage, keep every trust account reconciled, handle management-fee HST and on-site payroll, and deliver the condo audits and reserve-fund reporting on time. Whether you manage a handful of condo corporations or a full portfolio, we separate trust from operating money, claim the Public Service Body rebate for your condos, and plan the salary, dividends and eventual sale of your management company — with AFFORDABLE flat fees.
AFFORDABLE Condo Property Manager Tax Accountant
Running a condo management company means you are CMRAO-licensed, you hold other people’s money in trust, and every condo corporation you manage carries an audit clock and a reserve-fund clock that never stop. Your management fees are taxable while the condos’ common-element fees are exempt, your operating and reserve funds must stay separate from your own cash to the penny, and your own corporation still has to be run tax-efficiently. That is why you need a property management accountant who knows the niche. At Gondaliya CPA we specialize in property management trust accounting and corporate tax planning for property managers, delivering AFFORDABLE flat-fee support that keeps you onside with both the CMRAO and the CRA.
As accountants for condo management companies we work with condo management companies, residential property managers, commercial property managers, and self-managed condo corporations that need bookkeeping and audit support across Ontario. We reconcile each condo’s trust, operating and reserve funds, file the management company and condo corporation T2s, run superintendent and portfolio payroll, and deliver the section 66 condo audits and the Public Service Body rebate claims — with year-round support, not just a once-a-year filing.
Our Official Partners
Accounting That Understands How a Property Management Business Actually Works
A condo management company faces pressures no ordinary small business does. You are licensed by the CMRAO, you hold each condo’s operating and reserve funds in trust, and every corporation you manage has an audit and a reserve-fund study on a fixed legal schedule. At Gondaliya CPA, we understand the financial reality of a licensed property manager and provide practical, niche-focused solutions across the GTA and all of Ontario.
Stay Compliant with the CMRAO and the CRA
For a licensed property manager, staying onside with two regulators and paying the least legal tax are the same job. We keep every trust reconciliation, filing and audit on schedule while claiming every rebate and deduction available, so nothing is missed and nothing invites an order or a reassessment.
Accounting & Tax Experts for Condo Property Managers
- AFFORDABLE + Fully Registered CPA Firm
- Property Management & Trust-Accounting Expert
- Condo Corporation Audit & Reserve-Fund Expert
- Accounting, bookkeeping, and tax filing
- Certified CPA
- 1300+ 5-star Google reviews
- 30-Day Money-Back Guarantee
- 60-Day Fees Matching Policy
Why Choose Our Accounting Services for Condo Property Managers?
Tax Planning — Management-Company Expertise
We plan salary versus dividend, protect your $500,000 Small Business Deduction, handle management-fee HST, and structure the $1.25M Lifetime Capital Gains Exemption on the book of contracts you may one day sell.
Consulting — Trust & Portfolio Bookkeeping
We keep per-condo operating and reserve funds separate in trust, sync Yardi or CondoControl to QuickBooks Online, and reconcile every trust account monthly so a CMRAO examination is never a scramble.
CRA & Assurance — Condo Audits & Reviews
We deliver the section 66 condo audits, the three-year reserve fund study reconciliation, and the roughly 50% Public Service Body rebate claim, so every condo you manage meets the Condominium Act on time.
Bookkeeping — Growth & Acquisition Support
Taking on new condo contracts, buying a portfolio, or adding on-site staff, we handle the section 85 rollover, the due-diligence numbers, and the payroll setup so growth never outruns your books.
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Property Manager Clients
Condo Property Manager Tax and Accounting Services in Ontario
Corporate Tax Filing for Property Managers
Accurate T2 filing for your management company and for each condo corporation you manage, on time and CRA-compliant.
Accounting & Bookkeeping for Property Managers
Per-condo trust, operating and reserve bookkeeping with Yardi or CondoControl synced to QuickBooks Online and monthly reconciliations.
Corporate Tax Planning for Property Managers
Salary versus dividend, the $500,000 Small Business Deduction, and the LCGE on selling your book of management contracts.
Catch-Up Corporate Tax Filing for Property Managers
File overdue management company and condo corporation T2 and T1044 returns, rebuild records, and secure penalty relief.
GST/HST Filing for Property Managers
13% HST on management fees, input tax credits, and the roughly 50% Public Service Body rebate for the condos you manage.
Corporate Tax Cleanup for Property Managers
Trust versus operating separation restored, missed PSB rebates recovered, shareholder loans fixed, and amended T2 returns filed.
CRA Audit Resolution Services for Property Managers
Expert support on management-fee recognition, on-site staff classification, trust-account and HST reviews, and RC4288 relief.
CPA Compilation Report (Notice to Reader) for Property Managers
Condo corporations need an audit under section 66; your management company uses a Notice to Reader for bank financing.
Incorporation Services for Property Managers
Incorporate the management company, set up Business Number, GST and payroll, and coordinate your CMRAO licensing.
Accounting & Tax Services Tailored for Condo Property Managers
Real, practitioner-level CPA expertise for condo management companies, residential and commercial property managers, and self-managed condo corporations across Ontario — built for how a licensed property management business actually runs.
- Your management company files a T2 reporting management fee revenue as active business income taxed at Ontario’s 12.2% small-business rate; file that T2 more than six months late and the CRA adds a 5% penalty plus 1% for each month it stays outstanding.
- We claim capital cost allowance on Schedule 8 for your Class 50 computers and Class 8 office equipment and expense the management software subscription, so the CRA taxes only true profit and you do not overpay by roughly $5,000 a year.
- A condo corporation is a non-share NPO, so its common expense fees escape tax under the mutuality principle and section 149, yet it must still file its own T2 each year; skip it and the CRA can assess a demand-to-file penalty of $2,500.
- A condo’s reserve fund investment income stays fully taxable even though its fees are exempt, so we report the interest on the condo corporation T2 and file the T1044 non-profit information return once revenue tops $10,000, or the CRA reassesses the corporation with arrears interest.
- We prepare GIFI-coded financial statements for the management company’s return, correctly classifying professional liability insurance, office rent and utilities, because a single misclassified $8,000 expense is one of the fastest triggers for a CRA audit of the management company.
- Every condo you manage needs its operating fund and reserve fund held in a separate trust account, reconciled monthly inside Yardi, and never mixed with your own cash; commingling even $1,000 breaches CMRAO trust rules and can cost you your provider licence.
- We sync CondoControl to QuickBooks Online so each condo’s ledgers reconcile into one book of record, giving a trust account balance per corporation that ties to the bank; a $500 unexplained variance is exactly the breach a CMRAO trust examination flags.
- We record status certificate fees at the $100 statutory cap the moment each certificate is issued and apply proper revenue cut-off, so your billings reconcile to the T2 and a CRA review cannot push income into the wrong fiscal year.
- We capture every invoice through Hubdoc so utility bills, elevator-maintenance charges and cleaning costs post to the correct condo operating fund, keeping the six years of records the CRA demands so a document request never becomes a denied deduction worth thousands.
- We reconcile chargeback recoveries and on-site staff cost recoveries billed back to each condo inside Xero so they offset the right expense rather than inflating your management company income; a misposted $3,000 recovery can overstate taxable profit and the CRA notices.
- We plan salary versus dividend, setting a property manager salary that builds RRSP and CPP room while keeping active income under the $500,000 Small Business Deduction, because the CRA taxes profit above it at the 26.5% general rate, costing you thousands.
- Holding too much surplus trips the $50,000 passive investment income threshold, which grinds your Small Business Deduction five dollars for every dollar of passive income; we plan reserve levels and prepay errors and omissions insurance so the CRA grind never begins.
- When you sell, the $1.25M Lifetime Capital Gains Exemption can shelter the gain on your portfolio of condo contracts, but only if the shares meet the CRA’s qualified-small-business test; otherwise the whole gain on a $1,000,000 sale is fully taxed.
- We pay a reasonable administrative staff payroll to family members who do genuine work, backed by timesheets, so the CRA cannot deny it under section 67; shifting $20,000 of income from a 48% rate to a 20% rate saves real tax every year.
- We amortize your office lease as a Class 13 leasehold improvement and time large prepayments before your fiscal year-end, so the deduction lands in the management company’s highest-income year, saving several thousand dollars of CRA tax you would otherwise pay.
- Unfiled management company T2 returns stack CRA penalties at 5% of the balance plus 1% monthly, and once a demand issues the rate doubles, so we file the oldest year first to stop $12,000 of tax owing on unreported management contract revenue from compounding.
- For a self-managed condo that fell behind, we reconstruct years of operating and special assessment funds ledgers and file each missing condo corporation T2 and T1044, because the CRA can revoke NPO treatment and tax a whole $400,000 fund if returns stay outstanding.
- Where no books exist, we rebuild revenue and expense history from trust bank statements and Buildium exports so every catch-up T2 is defensible; guessing at round numbers turns a routine CRA review into a full audit that can cost $15,000.
- We file an RC4288 taxpayer-relief request to cancel penalties and interest on late filings, including unremitted HST on ancillary service income, caused by illness or a departed bookkeeper, covering the ten years before the request and often erasing 40% of the amount CRA assessed.
- A catch-up filing that reports income but ignores prior-year capital cost allowance hands the CRA more tax than you owe, so we recover the undepreciated cost of your Class 10 vehicles and furniture across every unfiled management company year, often worth $6,000.
- Your management company must register for HST once taxable management fees cross the $30,000 small-supplier threshold over four quarters, and we pinpoint the crossing date so the CRA never assesses you for 13% tax you should have charged but never collected.
- The condos you manage qualify as public service bodies, so we file the GST523-1 to claim the roughly 50% Public Service Body rebate on the HST each condo operating fund pays on maintenance and utilities, often recovering $6,000 to $12,000 per corporation.
- On the management company side we claim input tax credits on office rent, software and professional fees, netting them against the 13% HST collected on your fees so your CRA remittance reflects only true value added, often saving $4,000 on a quarterly remittance.
- We keep the line clear between the exempt common-element fees a condo charges owners and the taxable management fee you charge the condo at 13%, reported on the GST34 return, because mixing the two is a CRA error that brings an HST reassessment.
- We claim the full input tax credit on a major purchase such as a new $20,000 office server in the period bought rather than amortizing it, and we file HST on time so the CRA cannot deny the credit past its four-year claim window.
- Where prior bookkeeping mixed a condo’s money with the management company’s, we rebuild the trust account reconciliation and correct the misstated income on a re-filed T2, restoring the separation CMRAO trust rules require before an examination brings an order and a $10,000 fine.
- If you have drawn undocumented cash from the management company, we clean up the shareholder loan on Schedule 50 and clear it within the year, so the CRA cannot use subsection 15(2) to add the balance to your personal income and tax it at 48%.
- We file amended T2 returns to fix prior errors — capital items expensed instead of added to the CCA pool, HST misreported, condo interest omitted — before the CRA’s normal three-year reassessment window closes and the chance to recover your own overpaid tax, often thousands, is gone.
- For a self-managed condo whose treasurer blended operating and reserve monies, we rebuild the two funds into separate accounts, restore the reserve fund study allocations, and correct the condo corporation T2, clearing the CRA reassessment risk on a $450,000 reserve the owners can finally trust.
- We reclassify personal costs a prior preparer ran through the management company — a family vehicle, personal travel, home renovations — because a single denied category in a CRA review usually reopens three prior years and can add a 50% gross-negligence penalty under subsection 163(2).
- When the CRA questions when you recognized management fees — cash received versus service delivered — we present the contracts and reconciliations proving proper accrual, because a revenue-recognition adjustment can shift six figures between years and trigger interest on the earlier T2 reassessment.
- The CRA often challenges whether on-site superintendents are your employees or the condo’s, so we defend the classification, ensure superintendent payroll runs on proper T4 slips, and fix any misfiling before CRA assesses unremitted source deductions plus a 10% penalty.
- We reconcile your PD7A payroll remittances for portfolio managers and administrators against the T4 summary, because a mismatch is a fast CRA audit trigger and late remittances draw a graduated penalty of up to 10% that recurs every pay period you were short.
- In a CRA or CMRAO trust review we show each condo’s funds moved only between its own operating and reserve accounts, because one unexplained transfer reads as commingling and brings a reassessment of the condo corporation T2 and a $5,000 licensing penalty.
- When CRA reviews your HST, we reconcile the tax collected on your management fees to input tax credits and the condo exempt supplies, resolving it inside the 30-day deadline and, if CRA reassesses, filing a Notice of Objection so a disputed $18,000 bill is held.
- Each condo corporation you manage needs an annual audit under section 66 of the Condominium Act, 1998 — an assurance engagement, not a Notice to Reader — which we deliver so the board presents audited operating and reserve fund statements at the AGM without a $5,000 scramble.
- The Condominium Act requires a reserve fund study every three years, and we reconcile the study’s funding plan to the reserve fund’s actual balance so the board’s contributions are neither short — risking a $200,000 special assessment — nor padded, keeping owner fees defensible.
- For the management company itself, a lender financing a portfolio acquisition wants CSRS 4200 compiled statements — a Notice to Reader, not an audit — tied to your CRA-filed T2, and we prepare them within 30 days so a $750,000 facility’s conditional approval does not lapse.
- When an owner sells, the condo issues a section 76 status certificate under the Condominium Act disclosing the reserve fund balance and any special assessment within 10 days; a misstated certificate can expose the manager to a buyer’s claim worth tens of thousands.
- We prepare each condo audit engagement file for the Condominium Act audit — bank confirmations, reserve fund continuity, Public Service Body rebate schedules and AGM minutes — so a disorganized file never adds $2,000 to $3,000 of avoidable audit fees the owners pay.
- We incorporate your management company under the Ontario Business Corporations Act with a share structure, so limited liability shields your assets from a trust claim and the company can retain earnings a sole proprietor cannot, worth thousands in deferred CRA tax on its first T2.
- We file the CRA RC1 to register the Business Number and open the GST/HST and payroll (RP) accounts, so you can charge 13% on management fees and remit source deductions from day one, avoiding the backdated registration and penalties a late setup invites.
- If you already run the business unincorporated, we complete the section 85 rollover on Form T2057 to move your book of management contracts, goodwill and equipment at elected amounts, deferring the capital gain the CRA would tax on a straight transfer of a $400,000 book.
- Incorporating changes your CMRAO provider licence, so we update it under the Condominium Management Services Act, 2015, align the corporation’s name across your management contracts, trust accounts and T2, and prevent a licensing lapse that can cost $30,000 a month in lost contracts.
- We build the minute book, director resolutions and share certificates and set a first fiscal year-end up to 53 weeks out, deferring the corporation’s first T2 filing and CRA balance-due date so the company keeps $10,000 or more of early cash to grow its portfolio.
Property Management Tax & Trust-Accounting Check
Six quick questions on your trust accounting, management-fee HST, condo audits, the PSB rebate, on-site payroll and incorporation. No fee shown.
1. Are each condo’s operating and reserve funds kept in a separate trust account from your own money?
2. Are you filing HST on your management fees at 13%?
3. Is every condo you manage getting its annual section 66 audit on schedule?
4. Are the condos claiming the roughly 50% Public Service Body HST rebate?
5. Are your on-site superintendents and administrators on proper payroll with T4 slips?
6. Is your management company incorporated?
Free CPA Consultation for Condo Property Managers
Case Studies: Condo Property Manager Accounting & Tax
Toronto Condo Management Company — Trust Accounting & Tax Optimized
The problem: A Toronto management company held twelve condos’ operating and reserve funds in a handful of pooled bank accounts with no per-condo trust reconciliation, a red flag for any CMRAO examination. On the tax side, the owner was drawing everything as salary, paying personal tax at Ontario’s top rate, and had never claimed input tax credits properly against the 13% HST charged on management fees.
What we did: We rebuilt per-condo trust ledgers in CondoControl synced to QuickBooks Online so each corporation’s operating and reserve balances reconciled monthly, restructured the owner’s pay into a salary-and-dividend mix that kept active income under the $500,000 Small Business Deduction, and cleaned up two years of input tax credits on the management company T2.
The result:
- Saved $23,600 per year in combined corporate and personal tax
- Recovered $9,800 of previously missed input tax credits
- Passed the next CMRAO trust review with no findings
Mississauga Property Manager — On-Site Payroll & Cost Recovery Fixed
The problem: A Mississauga manager paid on-site superintendents by e-transfer with no T4 slips, and billed the superintendent payroll back to each condo as a lump sum with no supporting schedule, leaving both the PD7A remittances and the cost recoveries impossible to reconcile and exposed on a CRA payroll review.
What we did: We moved all on-site and portfolio staff onto Wagepoint with proper T4 slips and PD7A remittances, built a monthly cost-recovery schedule that tied each superintendent’s wages to the condo billed, and reconciled the chargebacks so recoveries offset payroll instead of inflating management income.
The result:
- Eliminated the payroll misreporting before a CRA review
- Reduced monthly payroll and reconciliation time by 14 hours
- Clean, auditable cost recoveries across all nine condos
Ottawa Condo Corporation — Audit, Reserve Fund & PSB Rebate Recovered
The problem: A self-managed Ottawa condo corporation was two years behind on its section 66 audit, had never filed a T1044, and had never once claimed the roughly 50% Public Service Body rebate on the HST it paid on maintenance, utilities and its reserve-fund projects.
What we did: We reconstructed two years of books, delivered the outstanding section 66 audits and T1044 returns, reconciled the reserve fund study funding plan to the actual reserve balance, and filed retroactive GST523-1 rebate claims for every eligible period.
The result:
- Recovered $34,500 in previously unclaimed PSB rebates
- Brought the audit and T1044 filings fully current
- Reserve fund now reconciles to the study’s funding plan
Our clear, efficient process ensures every step is transparent, building trust and long-term client relationships.
Kickoff (Document Request)
Collect prior T2s, management contracts, trust bank statements, each condo’s budget and reserve fund studies.
First 30 Days (Setup)
Integrate QuickBooks Online or Xero with Yardi or CondoControl, and build a trust, operating and reserve chart of accounts per condo.
Monthly Close
Per-condo trust reconciliations, receipt capture, HST tracking, and superintendent and portfolio payroll.
Quarterly Planning Review
Salary versus dividend, HST and PSB rebate position, and condo audit and reserve-fund scheduling.
Year-End Close & T2 Filing
Management company financials and T2, plus each condo’s section 66 audit, T1044 and reserve reporting.
Get Your Property Management Books & Taxes Done Right Today
Affordable Pricing for Condo Property Managers
We believe in clear, upfront pricing so you know exactly what to expect. All fees include HST.
- Tax Preparation (Corporation) — From $400
- Tax Return Filing (Corporation) — From $400
- Tax Compliance Audit — FREE CRA audit support for our clients
- Tax Strategy — FREE for our clients
- Accounting Base Plan — From $100 per month
- Bookkeeping Management — Free for our Accounting clients
- Financial Reporting — Free for our Accounting clients
- Business Formation — Flat $35
- Incorporation Process — Flat $35
- Entity Setup Assistance — Flat $35
- Full-Service Payroll — From $125 per month
Payment is by Interac e-Transfer to info@gondaliyacpa.ca only. Security question: Not Applicable, as auto-deposit is enabled.
Meet Your Lead Property Management Accountant
Meet your lead property management accountant. As your trust-accounting, condo-audit and corporate tax adviser, you deal with the same two people every year.
What Our Clients Say
1300+ five-star reviews from property managers and business owners across Ontario and Canada.
Serving Condo Property Managers Across Ontario
Our CPA team provides specialized trust accounting, condo audit and corporate tax solutions for licensed property managers throughout Ontario. We understand how a condo management company operates, what the CMRAO tests in a trust examination, and what the CRA looks at on both your management company and the condo corporations you manage.
Toronto (ON)
55 Queen St E Ste 1205, Toronto, ON M5C 1R6, Canada
+1 (647) 212-9559
9:00 AM – 8:30 PM (Mon – Sun)
Mississauga (ON)
2100 Camilla Rd #716, Mississauga, ON L5A 2J8
+1 (647) 212-9559
9:00 AM – 8:30 PM (Mon – Sun)
Brampton (ON)
4 Starhill Crescent, Brampton, ON L6R 2P9, Canada
+1 (647) 212-9559
9:00 AM – 8:30 PM (Mon – Sun)
Scarborough (ON)
24 Clementine Square, Scarborough, ON M1G 2V7, Canada
+1 (647) 212-9559
9:00 AM – 8:30 PM (Mon – Sun)
Vaughan (ON)
19 Cabinet Crescent, Woodbridge, ON L4L 6H9, Canada
+1 (647) 212-9559
9:00 AM – 8:30 PM (Mon – Sun)
Oshawa (ON)
210 Durham St, Oshawa, ON L1J 5R3, Canada
+1 (647) 212-9559
9:00 AM – 8:30 PM (Mon – Sun)
Ottawa (ON)
2090 Neepawa Ave a314, Ottawa, ON K2A 3L6, Canada
+1 (647) 212-9559
9:00 AM – 8:30 PM (Mon – Sun)
Etobicoke (ON)
60 Stevenson Rd #1601, Etobicoke, ON M9V 2B4, Canada
+1 (647) 212-9559
9:00 AM – 8:30 PM (Mon – Sun)
Hamilton (ON)
70 Starling Dr, Hamilton, ON L9A 0C5, Canada
+1 (647) 212-9559
9:00 AM – 8:30 PM (Mon – Sun)
Guelph (ON)
1155 Gordon St, Guelph, ON N1L 1S8, Canada
+1 (647) 212-9559
9:00 AM – 8:30 PM (Mon – Sun)
Windsor (ON)
4387 Guppy Ct, Windsor, ON N9G 2N8, Canada
+1 (647) 212-9559
9:00 AM – 8:30 PM (Mon – Sun)
North York (ON)
150 Graydon Hall Dr #912, North York, ON M3A 3B2, Canada
+1 (647) 212-9559
9:00 AM – 8:30 PM (Mon – Sun)
Condo Property Manager Accounting & Tax FAQs
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Condo Property Manager Accounting & Tax Done Right.
Per-condo trust accounting, management-fee HST and the PSB rebate, on-site and portfolio payroll, the section 66 condo audits and reserve-fund reporting, and the management company T2 and tax planning under one roof. AFFORDABLE flat fees, no hourly billing. Licensed CPA Ontario. 1300+ five-star reviews. 30-Day Money-Back Guarantee.