Separate the management business from the properties
Management fees earned by your company are different from rent collected for an owner. We map bank accounts, ownership, management agreements and approval rules before setting up the ledger. Owner statements should be supported by property-level records, with deposits and unpaid charges visible.
Repairs, renovations and equipment need documentation that lets the accountant assess their treatment. We record the property, work description, invoice and payment without assuming that every improvement is an ordinary repair expense. Loan principal and interest also remain separate.
Maintain a calendar for each property
Toronto’s Vacant Home Tax has an annual declaration process for covered residential properties, while accommodation activities can bring different licensing and MAT requirements. We maintain the relevant notices and submission evidence within the agreed scope. Not every building has the same classification or obligations; the assessment roll and actual use are the starting points.
Illustrative example: one contractor works at three buildings
A Toronto property manager receives one electrical invoice covering a rental condo, a commercial unit and the management office. Splitting it from the work orders creates three supported allocations. Charging it all to the management company would obscure both the owners’ statements and the management business’s own operating result.
Questions about this work
Can you administer trust accounts?
Any regulated trust-accounting requirement needs an explicit scope and appropriate specialist review. General property bookkeeping does not imply trust-compliance certification.
Can you determine whether my unit is exempt from Vacant Home Tax?
We can organize occupancy and supporting records. Eligibility must be checked against the City’s rules for the relevant year and circumstances.
Put this into practice
Sources and current guidance
A practical next step
Bring the records you have.
We can identify missing information, agree on the scope and organize the next bookkeeping step.
Request a bookkeeping review