Accountant · Cedar Rapids, IA · Member since 2016 · 22 posts · 18 votes
7y
Hi Daniel!
I would start with some basic accounting software. Quickbooks Online is pretty popular, but a free option is Wave Apps. You want to make sure that you have all of your expenses and income accounted for, list of your properties, and work out depreciation based on whatever Canada's depreciation formula applies. It's all country and probably province specific so I would try to find someone who is an accounting professional in your area.
Another suggestion is to have a bank account dedicated to that specific property or your real estate activity. You want to make it as easy as possible to measure expenses, and income.
@Daniel LaCroix unfortunately after using these platforms myself I realised getting these to work for real estate is a bit of a pain. There are however plenty of great accountants willing to help you get set up on QB's in the bigger pockets forums.
Kitt is worth checking out (I'm biased though), If you would prefer something built for real estate investors to help prepare for tax time. You can even invite your accountant on to check your audit trail for mistakes if need be. Hope this helps.