Uncategorized Archives - AZ Accounting Firm
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Uncategorized

14 Jul Bookkeeping for Real Estate Agents

Having the right bookkeeping system is key to your success as a Real Estate agent. It allows you to assess the value of your business, offers insight to your business strengths and weaknesses, manage cash flow and prepares you for your annual tax return. What does a...

AZ Accounting Save Tax

17 Jun Pros and Cons of a PREC

PRO:    Once you incorporate, your brokerage will pay your commissions to your corporation and not to you personally as a Sole Proprietor.  Your business profits are taxed at a corporate rate of 12.2% rather than a higher personal tax rate. PRO:    A PREC will allow you...

14 Jun Professional Real Estate Corporation

INCORPORATE A PERSONAL REAL ESTATE CORPORATION (PREC) What is a PREC? With the passing of Bill 145 in Ontario, real estate professionals are now able to incorporate by setting up a “Personal Real Estate Corporation” or PREC.  This means real estate agents will be able to reduce...

23 Nov New T4 Slip Requirements for 2020

As a result of the Government response to COVID-19, Canada Revenue Agency (CRA) has announced additional reporting requirements for T4 slips. This measure will assist the CRA validate payments related to COVID-19 response programs, including Canada Emergency Wage Subsidy (CEWS), the Canada Emergency Response...