Real estate · Ontario
PREC accountant for Ontario real estate agents
Once you incorporate a Personal Real Estate Corporation, you have a second set of books, a second return and a second set of deadlines. SNF Accounting keeps the corporate side running — bookkeeping, HST, the T2 year-end and how you pay yourself — on a fixed monthly fee, so nothing lands on you in April.
What we handle for your PREC
Corporate bookkeeping for the PREC
Your corporation's books kept separately from your personal ones, reconciled monthly, ready for the year-end without a scramble.
T2 corporate return and year-end
Financial statements and the corporate tax return prepared and filed on schedule, with the personal T1 handled alongside so the two agree.
HST registration and filing
Registration, quarterly or annual filing and remittance on the commission income flowing through the corporation, with input tax credits claimed.
Salary, dividends and payroll
Paying yourself out of the PREC — the payroll registration, source deductions and T4s if you take salary, or the paperwork if you take dividends.
Commission and brokerage reconciliation
Brokerage statements matched to what actually landed in the account, so commission income is right before it reaches the return.
FINTRAC and record keeping
The records the CRA and FINTRAC expect a real estate professional to keep, organised as you go rather than rebuilt under audit.
Thinking about incorporating?
A PREC can save tax once your income is high and stable, but it adds corporate filing obligations and cost. Whether it is worth it depends on your numbers, not on a rule of thumb — so the honest answer is that it needs working out before you incorporate, not after.
Our PREC accounting guide for Ontario agents walks through the mechanics, the corporate rate and salary versus dividends. If you would rather have someone run it with you, the consultation is free and there is no obligation to incorporate.
Common questions
- What does a PREC accountant do?
- A PREC accountant handles the corporation's side of a real estate agent's finances: corporate bookkeeping, the T2 return and year-end, HST filing on commission income, and paying yourself by salary or dividends — alongside your personal return, so the two line up.
- Do I need an accountant for my PREC, or can I do it myself?
- A Personal Real Estate Corporation is a separate legal entity with its own filing obligations and deadlines, separate from your personal return. Most agents hand it over once the corporation exists, because a missed corporate filing costs more than the bookkeeping does.
- Should I incorporate a PREC?
- A PREC can save tax once your income is high and stable, but it adds corporate filing obligations and cost. It is a numbers question specific to your income, not a rule of thumb — we will run it with you on a free consultation before you incorporate.
- What does PREC accounting cost?
- Our plans are fixed monthly fees starting at $199/month rather than hourly billing, with the corporate year-end included in the plan that covers it. The breakdown is on our pricing page.
- Do you work with agents outside Toronto?
- Yes. We are remote-first and work with agents across Ontario, with an office in Etobicoke if you would rather meet in person, and clients elsewhere in Canada.
- Can you take over an existing PREC from another accountant?
- Yes. We review what has already been filed for the corporation, catch up anything outstanding, and take over from an agreed date. Bring the last T2 and your current bookkeeping file to the consultation.
Already incorporated, or about to be?
Bring your last return, your brokerage statements, or just the question of whether to incorporate at all. Thirty minutes, free, and you will leave knowing what it would cost to hand it over.