Sam Kamra: Treating Your Real Estate Career Like a True Business
From GST/HST compliance to deductible expenses and structured record-keeping, Canadian real estate professionals face increasing pressure to operate like true business owners. If there is one topic generating as much conversation among Canadian real estate professionals as interest rates and inventory, it is tax strategy and financial management. Walk into almost any brokerage across Ontario or expanding real estate markets in Alberta, and you will hear agents discussing GST/HST, personal real estate corporations (PRECs), commission structures, vehicle deductions, marketing expenses, bookkeeping, and whether they are prepared if tax authorities audit their operations. The reality is that today's REALTOR® isn't simply a salesperson. Most agents operate as entrepreneurs. They market themselves, manage thousands of dollars in advertising expenses, invest heavily in technology, pay licensing fees, hire photographers, videographers, assistants, accountants, and lawyers, and juggle u...