Montreal, Québec · Member since 2016 · 133 posts · 19 votes
Hi BP,
Can business owners give me any insight on whether or not you selected a real estate accountant or a regular accountant when starting your business? I am in Montreal (Canada) and fully aware that laws are different. However, maybe some of your stories (good or bad) might help me with my decision.
I already have an accountant who files my personal taxes and i know his office deals with businesses but not real estate specifically. Therefore, i am wondering if it might be wise for me to deal with a real estate accounting firm even though I am at the beginning stage and that firm is charging anywhere between $100-$300 per hour.
Your inputs are greatly appreciated.
Thanks,
CPA · Raleigh, NC · Member since 2013 · 1k+ posts · 2k+ votes
9y
@Chris Walters hourly rates stink! Move to a firm that doesn't charge you every time you pick up the phone.
Having a real estate CPA is going to be extremely important if you are primarily using real estate to grow your wealth. Regular CPAs that don't have a real estate focus simply won't be up to date on all the nuances of the ever changing real estate tax law.
The majority of CPAs are smart people. But I can't tell you how much rework I've had to do with my clients who decided too late in the game to switch to a real estate CPA.
Montreal, Québec · Member since 2016 · 133 posts · 19 votes
9y
@Brandon Hall Thank you so much for that advice. Besides referrals, would you say google is the next best way to find real estate accountants? I called the regional CPA board but they have no specific database of real estate CPA's. They basically told me
That I have to conduct the research myself and I can check with the board whether or not the firm has any previous or pending complaints.
CPA · Raleigh, NC · Member since 2013 · 1k+ posts · 2k+ votes
9y
@Chris Walters honestly so few firms specialize in real estate that it will be pretty hard to find via Google searches. If you google "real estate cpa" you'll have some options.
Otherwise, I'd connect with facebook groups in the area you are looking to invest and ask for local referrals.