Accountants for Property Management Companies – Toronto & GTA
Accurate trust accounting, monthly owner statements, HST, and year-end reporting for residential and commercial property management firms
700+
5-Star Google Reviews
AFFORDABLE Accountants for Property Management Companies
Managing finances across multiple properties can be complex and time-consuming. Our affordable accountants for property management companies help simplify your bookkeeping, tax filings, and CRA compliance while keeping costs under control. From rental income tracking and expense allocation to HST filings and year-end reporting, we provide accurate, reliable accounting support tailored to the needs of property management firms.
At Gondaliya CPA, we understand the cash-flow challenges and regulatory requirements property management companies face. Our team offers cost-effective accounting and tax solutions designed to reduce errors, avoid penalties, and improve financial clarity. Whether you manage a few units or a large portfolio, we deliver personalized, affordable CPA services that help your property management business stay compliant, profitable, and well-prepared for growth.
Official Partner
Accounting That Understands Property Management
Managing multiple doors, owners, and tenants creates complex money flows—rent collected, management fees retained, expenses paid, and owner payouts distributed accurately. Our accounting is built specifically for property management companies, ensuring every dollar is tracked clearly, reported properly, and handled with confidence.
Trust vs Operating Funds
Clear separation and reconciliations for every building and trust account.
Owner Statements & Rent Rolls
Clean monthly reporting owners actually understand.
HST & Fee Accounting
Management fees, admin charges, and HST handled properly.
Compliance & Audit Trail
Audit-ready records to satisfy owners, lenders, and regulators.
Navigating Property Management Compliance
Trust Accounting Rules
Property management companies must maintain strict trust accounting, including separate trust accounts and regular reconciliations. Proper handling of owner funds ensures compliance, prevents commingling, and builds long-term trust with property owners.
HST on Management Fees
Management fees, leasing charges, and administrative services are subject to HST and must be reported accurately. Correct HST filing also allows property managers to recover eligible input tax credits (ITCs) on office and operating expenses.
Owner Reporting & Audit Trail
Clear, detailed reporting by property and owner is essential for transparency and accountability. Accurate monthly statements, rent rolls, and reserve tracking create a reliable audit trail and support informed decision-making for owners.
Tax Accountants for Property Management Companies
- AFFORDABLE + Fully Licensed CPA Firm
- Business and Corporate Tax Expert
- Small & Medium Business Expert
- Accounting, bookkeeping, and tax filing
- Certified CPA
- 900+ 5-stars Google reviews
- 30-Day Money-Back Guarantee
- 60-Day Fees Matching Policy
Why Property Management Compliance Trust Gondaliya CPA
Specialized Industry Expertise
We understand the unique financial challenges property management Compliance companies face.
Flexible, Scalable Solutions
No oversized retainers. No unnecessary services. Just practical, cost-effective accounting that grows with your business.
Enhanced Profitability
We help identify opportunities for cost savings, efficiency, and profitability, aligning with your business goals.
Remote-Friendly
Collaborate seamlessly with your accountant from anywhere. We integrate with QuickBooks, Stripe, Shopify, Gusto, and other platforms to streamline your accounting.
Fully Licensed CPA Ontario
700+ ★★★★★ Google Reviews
30-Day Money-Back Guarantee
60-Day Fees-Matching Policy
ACTIVELY ACCEPTING Corporate Clients
Will cover personal tax filing for Directors & Families
Convenient Availability
Weekend and evening support until 9 PM
Always Within Reach
Just a call away when you need us
Property Management Accounting Services
Accounting Services Tailored for Property Management Companies
Real, practitioner-level CPA expertise for residential property managers, commercial portfolio operators, condominium management firms, and multi-owner property management companies across Ontario — built for how property managers handle trust accounts, track management fee revenue, reconcile owner funds, and file HST on management and leasing services.
Corporate Tax Filing for Property Management Companies
- We file your property management corporation T2 return with management fee revenue, leasing fee income, and admin charges reported as gross revenue under the correct GIFI codes — rent collected on behalf of owners is not your corporation's revenue and must be excluded from your T2 to prevent CRA from taxing owner funds as your income.
- We classify office computers under CCA Class 50 at 55%, office furniture under Class 8 at 20%, and company vehicles used for property inspections under Class 10 at 30% on Schedule 8 of your property management T2 return, ensuring each asset claims the correct depreciation rate.
- Property management companies paying maintenance contractors, landscaping subcontractors, and contract superintendents must issue T4A slips by February 28 — we prepare all contractor T4A summaries alongside your property management corporation T2 filing to avoid the $25 per day per slip late-filing penalty.
- We deduct CMRAO (Condominium Management Regulatory Authority of Ontario) licence fees, RECO registration costs, professional development courses, and E&O insurance premiums on your property management corporation T2 return under the correct GIFI codes — each regulatory cost must be classified separately.
- We reconcile your property management corporation's operating account revenue — management fees retained, leasing commissions, and admin charges — against your bank deposits before filing the T2 return, ensuring no trust account owner funds are accidentally included in your corporate taxable income.
Accounting & Bookkeeping for Property Management Companies
- We maintain strict separation between your trust account and operating account in your property management bookkeeping — rent collected, security deposits, and last month's rent deposits are owner funds held in trust and must never be commingled with your management company's operating revenue in the chart of accounts.
- We reconcile trust account balances by property and by owner monthly so every rent payment collected, maintenance expense paid from owner funds, and management fee retained ties exactly to each owner statement — discrepancies between trust account bank balances and owner ledgers trigger regulatory and audit issues.
- We track management fee revenue, leasing fee income, and admin charges as separate revenue categories in your property management bookkeeping so your financial statements show actual service revenue per stream — not a single blended number that hides which services generate margin at month-end close.
- We reconcile CAM (common area maintenance) recovery charges billed to commercial tenants against actual building expenses in your property management bookkeeping, preparing the annual CAM reconciliation statement that shows tenants the difference between estimated charges collected and actual costs incurred.
- We prepare monthly owner statements directly from your property management bookkeeping showing rent collected, vacancy loss, maintenance expenses paid, management fees retained, and net owner payout — giving each property owner a clear financial picture without requiring additional reporting outside the accounting system.
Corporate Tax Planning for Property Management Companies
- We structure your property management corporation owner compensation as a salary-dividend split that keeps active business income under the $500,000 Small Business Deduction threshold, saving your management company up to 14.3% in combined corporate tax versus the general rate.
- We set up non-voting shares in your property management corporation so your spouse or adult children receive dividends, spreading income across lower personal tax brackets — a family income-splitting strategy that reduces combined household tax on management fee profits and gives each family member access to the $1.25M+ Lifetime Capital Gains Exemption on a future company sale.
- We advise property management companies on keeping passive investment income below the $50,000 annual threshold inside the corporation — if retained management fee earnings are invested in portfolio securities and generate passive income exceeding this limit, CRA claws back the Small Business Deduction on active management revenue.
- We time year-end bonus accruals for property managers, leasing agents, and administrative staff so the expense is deductible on your management company T2 in the current fiscal year while the employee reports the bonus on their personal T1 in the following calendar year — a standard deferral strategy.
- We calculate quarterly instalment payments for your property management corporation based on the prior-year method or current-year estimate, whichever is lower, so your management company does not overpay CRA instalments during months when portfolio vacancies reduce management fee revenue.
Catch-Up Corporate Tax Filing for Property Management Companies
- If your property management corporation has two or more years of unfiled T2 returns, CRA can revoke your business number — and CMRAO may flag your condominium management licence for non-compliance. We file all outstanding management company returns and negotiate penalty relief before enforcement begins.
- We reconstruct property management revenue from trust account bank statements, management agreements, and owner payout records when bookkeeping was never completed, separating management fee income from owner fund flows for each unfiled year so your catch-up T2 returns report only your corporation's taxable revenue.
- CRA charges a late-filing penalty of 5% plus 1% per month up to 12 months on each unfiled property management corporation T2 return — we apply for penalty relief under Taxpayer Relief provisions using Form RC4288 when portfolio growth or staffing transitions caused the filing delay.
- We identify office equipment purchases, vehicle costs, and leasehold improvement expenses from prior unfiled years and add them to the correct CCA class on each catch-up T2 return so your property management corporation recovers depreciation deductions that would otherwise be permanently lost.
- If CRA issued arbitrary assessments because your property management corporation never filed, the estimated income is almost always inflated — often because CRA treats total trust account deposits as revenue. We replace those numbers with actual management fee records and owner fund reconciliations, reducing the outstanding balance significantly.
GST/HST Filing for Property Management Companies
- Management fees, leasing fees, and administrative charges billed by your property management corporation are HST-taxable at 13% in Ontario — we ensure every management agreement invoice charges HST correctly and file your corporation's GST/HST return on time to avoid the late-remittance penalty.
- Residential rent collected on behalf of property owners is an exempt supply and your management company does not charge HST on the rent itself — but we ensure HST is charged on your management fee percentage calculated on that rent, and code the exempt rent pass-through separately on your GST/HST return.
- We claim ITCs on all HST paid on office rent, property management software subscriptions (Buildium, AppFolio, Yardi), vehicle expenses, professional development, and subcontractor invoices on your management company GST/HST return — many property managers miss ITCs on licensing fees and insurance that are recoverable.
- Commercial property management fees where your company also manages CAM recovery require HST on the full management fee — we code CAM pass-through charges separately from your management fee on the GST/HST return so CRA does not reassess the entire CAM recovery amount as your company's taxable revenue.
- Property management corporations earning over $30,000 in taxable supplies — management fees, leasing commissions, admin charges — in any rolling four quarters must register for HST. We monitor your management company revenue and handle registration before CRA retroactively assesses uncollected HST on past fee invoices.
Corporate Tax Cleanup for Property Management Companies
- We correct trust account commingling errors where your previous accountant recorded rent collected in trust as management company revenue on prior T2 returns — filing amended property management T2 returns removes owner funds from your taxable income and recovers overpaid corporate tax for each affected year.
- We fix management fee GIFI classification errors where leasing commissions, admin charges, and management percentages were lumped into a single revenue line on prior T2 returns — proper GIFI separation prevents CRA from questioning inflated single-line income on your property management corporation return.
- We rebuild your property management corporation retained earnings schedule from inception by reconciling every prior-year T2 return, dividends declared, and shareholder loan transactions — eliminating balance sheet discrepancies that CRA flags during management company corporate reviews.
- We reclassify maintenance contractor and superintendent payments that were incorrectly processed through payroll on past T4 slips, filing amended T4 summaries and issuing corrected T4A slips to avoid CRA reassessing your property management corporation for employer CPP and EI on those independent contractors.
- We correct shareholder loan balances where the property management owner withdrew operating or trust account funds for personal use without documentation, applying ITA section 15(2) rules to determine the correct tax treatment before CRA reassesses your management corporation for shareholder benefit income.
CRA Audit Resolution for Property Management Companies
- CRA audits property management companies on unreported management fee income — we reconcile every operating account deposit against management agreements, fee invoices, and leasing commission records during a CRA audit to prove all management company revenue was reported and trust account flows were excluded from your T2.
- CRA auditors challenge whether trust account deposits are unreported revenue — we present trust account reconciliations, owner ledgers, and rent roll reports to prove owner funds were held in trust and disbursed to property owners, not retained as your property management corporation's income.
- We defend maintenance contractor classification during a CRA audit on your property management corporation by presenting written service agreements, proof of own-tool usage, and control-test documentation showing contractors set their own schedules — CRA reassesses the employer for CPP and EI when no documentation exists.
- We defend CAM recovery accounting during a CRA audit on your commercial property management business by presenting tenant lease agreements, CAM reconciliation statements, and actual building expense records — proving recovered CAM charges are pass-through amounts, not additional management fee revenue.
- If CRA reassesses your property management corporation after an audit, we file a Notice of Objection using Form T400A within 90 days and prepare a technical position paper citing ITA sections that support your management company deductions, preventing the reassessed amount from becoming final.
CPA Compilation Report (Notice to Reader) for Property Management Companies
- We prepare CSRS 4200 compilation engagement financial statements for your property management corporation that banks, property owners, and CMRAO require — a CPA-compiled Notice to Reader carries more weight than internally prepared statements and is often mandatory for management agreement renewals, business credit applications, and CMRAO licence compliance reviews.
- Your property management corporation Notice to Reader includes a compiled balance sheet showing trust account obligations to property owners, operating account receivables, office equipment at net book value, and retained earnings — giving property owners and lenders an accurate snapshot of your management company's financial position with trust and operating funds clearly separated, prepared by a licensed CPA.
- We compile your property management corporation income statement with management fee revenue, leasing commissions, admin charges, and CAM recovery pass-throughs classified under the correct GIFI codes so the Notice to Reader financial statements match your T2 return exactly and satisfy bank, property owner, or CMRAO requirements.
- We prepare the CPA compilation report with the required CSRS 4200 communication disclosing that no audit or review has been performed, along with notes to the financial statements covering trust account segregation policy, management fee revenue recognition, related-party transactions, and shareholder loan terms — the standard disclosures banks, property owners, and CMRAO expect on a property management corporation Notice to Reader.
- We deliver your property management corporation Notice to Reader within 30 days of receiving your year-end trial balance — many property managers lose management agreement renewals or fail CMRAO compliance reviews because their previous accountant did not produce CPA-compiled financial statements on time for the owner's or regulator's annual review deadline.
Incorporation Services for Property Management Companies
- We incorporate your property management business as an Ontario corporation, register your CRA business number, and open corporate tax, GST/HST, payroll, and trust accounts — all completed so your management company can collect rent in trust, retain management fees, and pay staff through the corporation from day one.
- We advise property management company founders on the right share structure at incorporation — common shares for the operator, non-voting shares for family members — so your management corporation is set up for income splitting and future business sale planning without a costly reorganization later.
- We set up your newly incorporated property management corporation's chart of accounts with separate trust and operating account structures, revenue categories for management fees, leasing commissions, and admin charges, and expense categories that match property-by-property reporting from the first month.
- We help growing property management companies incorporate a separate holding company to receive intercorporate dividends tax-free under ITA section 112(1), separating accumulated management fee profits and investment assets from the operating company's trust obligations and client contract liability.
- We prepare your property management corporation's first-year corporate minute book with articles of incorporation, director resolutions, and share certificates — property owners, CMRAO, banks, and CRA require these documents for management agreements, trust account setup, licensing, and your first T2 filing.
Free Resource: 50 Deductible Expenses for Property Management Companies
Comprehensive checklist of tax-deductible costs unique to Property Management Companies. PDF delivered instantly.
Free CPA Consultation for Property Management Companies
Case Studies
Residential Portfolio Manager – 350 Doors, Toronto
Problem: Trust accounts out of balance, owners complaining about unclear statements, HST audit notice.
Solution: Separated trust/operating accounts, built monthly owner statement template, fixed HST on management fees.
Results:
✅ Zero audit adjustments
✅ Owner complaints dropped 90%
✅ Clean annual review passed
Commercial Plaza Manager – Mississauga
Problem: CAM recoveries not matching expenses, multiple owners disputing charges, late condo board financials.
Solution: Implemented expense allocation by square footage, automated CAM reconciliation reports, reserve fund tracking.
Results:
✅ 100% CAM recovery rate
✅ Owner disputes resolved
✅ Board financials delivered 2 weeks early
Condo Management Firm – North York
Problem: Auditor rejected working papers, AGM financials incomplete, reserve study missing.
Solution: Rebuilt 3 years of T2 Notice to Reader statements, implemented reserve tracking, prepared auditor files.
Results:
✅ Clean audit opinion
✅ AGM financial package approved
✅ $75K reserve funding gap identified
OUR SIMPLE PROCESS
How We Work With Property Management Companies
We make managing your finances simple and stress-free. Our transparent process keeps you informed and investor-ready at every stage.
Here’s a simplified process approach:
Step 1
Discovery & Systems Review
Review current software (e.g., property management platform), chart of accounts, and reporting requirements.
Step 2
Monthly Close
Bank reconciliations, owner statements, rent roll reporting, and management company P&L.
Step 3
Quarterly & Annual Review
Check margins on management fees, cost recovery, and variances by property.
Step 4
Year-End Files & Tax
Prepare year-end working papers and tax filings; adjust for any owner-specific reporting needs.
Simplify Your Taxes Today
Transparent Pricing for Property Management Companies
Affordable Property Management Accounting Packages
We believe in clear, upfront pricing so you know exactly what to expect.
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 / 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
Meet Your Property Management Accounting Experts
Google Reviews
See all on Google
Google Reviews
See all on GoogleSupporting Property Management Companies Across Ontario
Toronto (ON)
168 Simcoe St Unit 1118, Toronto, ON M5H 4C9, Canada
+1 (647) 212-9559
9:00 AM – 8:30 PM (Mon – Sun)
Mississauga (ON)
5373 Bullrush Dr, Mississauga, ON, Canada
+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)
Property Management Accounting FAQs
Why Property Management Companies Need a Specialized Accountant
Property management accounting is far more complex than standard bookkeeping, involving trust accounts, owner funds, rental income, and strict compliance rules. A specialized property management accountant understands these unique requirements and ensures accurate tracking, proper fund segregation, and timely reporting.
Without industry-specific expertise, small mistakes can lead to CRA penalties, audit issues, and loss of owner trust. Working with an accountant who specializes in property management helps you stay compliant, maintain transparency, and manage your growing portfolio with confidence.
Can you handle both trust and corporate books?
Yes. We manage trust accounts and corporate books separately to ensure full compliance, accurate reporting, and zero commingling of owner funds.
Do you work with our existing property management software?
Absolutely. We work with most major property management and accounting platforms and can integrate with your current systems seamlessly.
How often will we receive reconciled owner statements?
Owner statements are typically provided monthly, fully reconciled and broken down by property and owner for complete transparency.
Can you help prepare for an audit or board review?
Yes. We organize financials, supporting documents, and audit trails to ensure you’re fully prepared for audits, AGMs, or board reviews.
Do you manage HST on management and leasing fees?
We handle HST calculations, filings, and ITC recovery related to management fees, leasing charges, and applicable expenses.
Can you track reserve funds and security deposits?
Yes. We accurately track reserve funds and deposits to ensure funds are properly recorded and available when needed.
Do you support multi-property and multi-owner portfolios?
Yes. Our systems are designed to manage complex portfolios with multiple properties, owners, and varied reporting requirements.
Will our accounts be reconciled regularly?
All trust and operating accounts are reconciled monthly to maintain accuracy and compliance.
How do I get started with Gondaliya CPA?
Simply contact us for a no-obligation consultation. We’ll assess your financial needs and create a tailored accounting plan that keeps your startup investor-ready and compliant.
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