2025 Tax Documents Checklist for Real Estate Agents & Salespersons

This checklist covers the most common documents needed to prepare your 2025 personal tax return (T1) as a self-employed real estate agent or salesperson in Canada. Edge cases, specialized credits, and unusual situations may require additional documents not listed here. It includes business income and expenses (Form T2125), GST/HST records, investment income, registered plans, and personal deductions in one consolidated checklist.

Who this is for:
Sole proprietors and self-employed real estate agents and salespersons filing a T1 return with Form T2125, including agents registered with a single brokerage, agents who changed brokerages during 2025, and team members operating under a team lead arrangement within a brokerage.

Incorporated?
This checklist is for sole proprietors filing a T1 personal return with Form T2125. If you operate through a Personal Real Estate Corporation (PREC) or other corporation, a T2 corporate return is also required and your personal T1 income picture is different. Contact us before gathering documents or filing either return. Note: PREC legislation has been adopted in Ontario and several other provinces, but the rules and income-splitting restrictions vary by province. If you incorporated recently or are unsure whether your corporate structure qualifies as a PREC, flag this during intake before filing either return.

Employee of a brokerage receiving a T4?
T2200 employment expense rules differ from sole-proprietor self-employment rules under Form T2125. If you have both employment income and self-employment income in 2025, separate documentation may be needed for each.

First time filing with us?
Include a copy of your 2024 T1 return and your most recent Notice of Assessment. This allows us to carry forward RRSP deduction room, any capital or non-capital losses, and your instalment history accurately.

Not sure whether something on this list applies to you?
Email us before you start gathering. A five-minute question now is better than a revised return later.

Important: This checklist is for intake and planning purposes only. It is not legal or tax advice and does not create a client relationship. Your specific situation may differ from the scenarios described. Contact us to discuss your circumstances before you begin gathering documents.

See our 2025 Tax Return Services

Key CRA and Related References

T1 Personal Return | T4002: Business and Professional Income Guide | Form T2125 | GST/HST for businesses | Business-use-of-home | Motor vehicle expenses | CRA important dates

Filing Deadlines and Submission Window

Key dates for the 2025 tax year:

Balance owing deadline: April 30, 2026. Any amount owed to CRA for 2025 is due April 30 regardless of your filing deadline. Interest begins accruing on unpaid balances after this date.

T1 filing deadline (self-employed): June 15, 2026. Filing after this date when a balance is owing triggers a late-filing penalty of 5% of the unpaid balance plus 1% per additional month (higher rates apply for repeat failures in recent years).

RRSP contribution deadline: March 2, 2026. Contributions made by this date can be deducted on your 2025 return or carried forward.

2025 instalment deadlines: March 15, June 15, September 15, and December 15, 2025. Missed or underpaid instalments result in CRA interest charges that are not deductible. If any due date falls on a Saturday, Sunday, or public holiday, the deadline is the next business day.

Document submission deadline: Submit your complete document package by May 15, 2026. Returns submitted after May 15 cannot be guaranteed to be filed by the June 15 deadline.

Common Mistakes Real Estate Agents Make

These issues appear every year. If any are familiar to your situation, pay extra attention to the relevant section.

• Reporting only net commission after brokerage split without documenting gross commission and brokerage deductions separately, which understates both revenue and deductible expenses.
• Missing commission income earned in late December on deals that closed before year-end but were not paid by the brokerage until January 2026. Under accrual accounting, this income belongs in 2025.
• Missing referral fees received from other agents, relocation companies, or out-of-province referral networks. These are taxable income regardless of whether a T4A was issued.
• Not deducting referral fees paid out to other agents. These are a business expense when supported by documentation.
• No vehicle mileage log despite significant client driving. Without a contemporaneous log, the vehicle deduction is at significant CRA risk.
• Missing brokerage desk fees, technology fees, franchise fees, and administration charges as deductible business expenses.
• Missing RECO registration fees, board membership dues, and MLS access fees as deductible business expenses.
• Missing E&O insurance premiums and RECO insurance levy as a business expense
• Not tracking staging costs, open house expenses, and listing photography as deductible marketing expenses.
• Claiming 100% of a vehicle used for both client showings and personal driving without a mileage log to support the business-use percentage.
• Claiming personal home staging or renovation costs as business expenses without a clear business purpose.
• CPP contributions on self-employment income not planned for; both halves are due on April 30, not June 15.

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01. Prior Year Documents

□ 2024 Notice of Assessment (NOA)

The NOA issued by CRA after your 2024 return was assessed. Contains your RRSP deduction limit, any unclaimed capital or non-capital losses carried forward, and your instalment threshold for 2025.

If you cannot locate your NOA, log in to CRA My Account at canada.ca/my-cra-account to access it. If you do not have CRA My Account set up, contact us and we can assist through our representative access.

□ Copy of 2024 T1 return (new clients only)

The full PDF of your filed 2024 personal return. Used to confirm carryforward amounts, review prior year deduction elections, and identify positions that should be continued or changed for 2025.

If your 2024 return was prepared by another accountant, request a copy before transferring to us. If you filed using tax software, export the PDF from the software portal.

□ Prior-year CCA schedule showing UCC balances by class (new clients only)

If you previously claimed Capital Cost Allowance on a vehicle, computer equipment, or other depreciable assets, provide the CCA schedule from your most recent filed return showing the undepreciated capital cost (UCC) balance by class as of December 31, 2024.

The prior-year UCC balance is the starting point for the 2025 CCA calculation. Without it, we cannot accurately determine the maximum CCA claimable this year or identify any recapture or terminal loss exposure. If this was not provided in a prior year return PDF, it may be on a separate schedule. Request the CCA continuity schedule specifically from your prior preparer.

□ 2025 tax instalment payment confirmation

Total amount paid to CRA in 2025 quarterly instalment payments and the date of each payment. Instalment payments are prepayments of your expected 2025 tax liability, due on March 15, June 15, September 15, and December 15.

Real estate agents with deal-dependent income frequently owe quarterly instalments. A slow first half and a strong second half can produce a large April 30 balance owing that many agents do not anticipate. If you received instalment reminder notices from CRA but paid different amounts, provide both the notice amounts and the actual payments. Confirm what CRA received via CRA My Account under Tax instalments.

□ Access to CRA My Account and My Business Account confirmed

Confirm that you have active access to CRA My Account (for personal tax) and CRA My Business Account (if GST/HST registered) before submitting your document package.

CRA My Account allows you to confirm your RRSP deduction limit, outstanding balances, instalment history, prior year returns, and any correspondence on file. My Business Account confirms your GST/HST account status, filing history, and any outstanding returns. Reviewing both before filing reduces the risk of inconsistencies between what we file and what CRA already has on record.

□ Any CRA correspondence or reassessments from 2024 or 2025

Notices of Reassessment, requests for information, audit queries, or any letter from CRA related to your tax accounts. Provide all correspondence without filtering.

Reassessments change your opening RRSP room, loss carryforward, and credit balances. They must be reviewed before the 2025 return is prepared to avoid compounding errors from the prior year forward.

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02. Personal Information

Provide updates only for items that changed during 2025. If nothing in this section changed from 2024, note that and move on.

□ Province of residence on December 31, 2025

Your province of residence on December 31, 2025 determines which provincial tax rates and credits apply to your full 2025 return, regardless of where your transactions were located during the year.

If you moved provinces during 2025, provide both the old and new province and the date of the move. For agents registered with real estate boards in multiple provinces, your province of residence is determined by where you reside on December 31, not where your deals closed.

□ Marital status as of December 31, 2025

Your status on December 31: single, married, common-law, separated, divorced, or widowed. If your status changed during 2025, provide the date and nature of the change.

Marital status affects spousal amount credits, the GST/HST credit, RRSP spousal contributions, and several provincial credits. CRA generally considers you common-law if you have lived in a conjugal relationship for 12 continuous months, or if you are in a conjugal relationship and are the parent of a child by birth or adoption.

□ Spouse or common-law partner information (if applicable)

Name, SIN, and 2025 net income of your spouse or common-law partner. If Teplov CPA is preparing their return as well, we will coordinate. If not, provide their estimated 2025 net income.

□ Dependant information (if applicable)

Name, date of birth, and SIN for each dependant. For children, note childcare expenses paid in 2025 and the name and SIN of each caregiver or daycare provider.

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03. Employment Income

Complete this section if you received any employment income in 2025. If your only income in 2025 was from self-employment, skip to Section 04.

□ T4: employment income from all employers

All T4 slips received for 2025, including from any employer where you were on payroll before or alongside transitioning to real estate sales work.

New agents who left salaried employment to enter real estate often have a T4 from part of the year and commission income for the remainder. The combination requires careful coordination on the T1. CPP contributions remitted through payroll for the employed period are shown in Box 16 of your T4; for the self-employed period, you pay both halves through Schedule 8. The two amounts must be coordinated to avoid overcontributing. Withholdings from the employment period may not cover the full year tax liability once commission income is added; the April 30 balance owing can be substantially larger than expected.

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04. Self-Employment Revenue

The goal here is a complete picture of all commission income, referral arrangements, team overrides, and related receipts earned in 2025 reported on Form T2125. Real estate agents typically receive income from a single brokerage but may also have referral income from out-of-province networks, relocation companies, or other agents, along with team override income if they lead a team. All amounts must be reported regardless of whether a T4A was issued.

□ T4A slips from all brokerages (if issued)

All T4A slips issued by any brokerage that paid you commission income in 2025. If you changed brokerages during 2025, collect T4A slips from each. Confirm the total matches your commission records. CRA receives copies of all T4As issued in your name and may cross-reference them against T2125 reported revenue.

T4A slips must be reconciled against your gross revenue on T2125 before filing. If the total of all T4As received differs from your reported T2125 revenue, the discrepancy requires a documented explanation. Revenue received without a T4A must still be included in T2125 gross revenue. The absence of a slip is not a defence for not reporting the income.

□ Commission statements from all brokerages for 2025

A complete statement or export for each brokerage showing transaction date, closing date, property address, gross commission earned, brokerage split percentage or flat fee, any franchise or referral fees deducted by the brokerage, and net commission paid to you for each deal.

Commission income should be reconciled to gross commission earned with brokerage deductions documented separately as business expenses. Do not report only the net amount deposited to your account without confirming which items were deducted at source by the brokerage and which you paid separately. The gross commission statement is also the primary audit support document if CRA questions the difference between your reported income and the T4A amount.

□ Referral fee income received in 2025 (if applicable)

Referral fees received from other agents, relocation companies (Brookfield, Graebel, and similar), out-of-province referral networks, mortgage brokers, lawyers, or any other referral source for client introductions in 2025.

Referral fees are business income and must be reported whether or not a T4A was issued. Obtain or retain documentation of the amount, payer, and date for each receipt. Relocation company referral fees are often paid directly and may not appear on a brokerage T4A; collect any statements or payment confirmations from the relocation company directly.

□ Team override or team lead income (if applicable)

If you operate as a team lead and receive a portion of commissions earned by team members, provide the total override or team income received in 2025, the names of team members, and the basis on which overrides were calculated.

Team override income is business income and must be reported on T2125. If you paid team members a portion of commissions and they are treated as independent contractors, those payments are a deductible business expense and may trigger T4A reporting obligations for amounts over $500. If team members were employed rather than contracted, payroll and T4 obligations apply. Flag the team structure during intake so we can confirm the correct treatment for both the income and the offsetting payments.

□ Deals that closed in December 2025 with commission not yet received

A list of transactions that closed on or before December 31, 2025 where the commission had not been received or deposited as of December 31. Include the property address, closing date, gross commission amount, and expected payment date from the brokerage.

Under accrual accounting, commission income is earned when the transaction closes and the right to receive payment is established, not when the brokerage processes and deposits the funds. A deal that closed December 28 belongs in the 2025 tax year even if the brokerage does not cut the cheque until January 2026. This is one of the most common year-end gaps for real estate agents. Confirm your December closing list from your brokerage commission records or transaction management system.

□ Business bank statements for 2025

Complete bank statements for your business account for all 12 months of 2025. Used to reconcile all deposits against commission statements and identify any income not captured on T4A slips.

Maintain a dedicated business bank account separate from your personal account. Mixing personal and business transactions in the same account makes expense substantiation significantly harder. If your accounts are mixed, flag this and we will work through the reconciliation.

□ Other income without slips

Any revenue received in 2025 for which no T4A or other slip was issued: consulting fees, speaking fees, coaching income for newer agents, or any non-sales services performed in 2025.

All self-employment revenue is reportable regardless of payment method or whether a slip was issued. Non-sales services may also be subject to different GST/HST treatment than your core commission income. See Section 05.

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05. GST/HST Records

Real estate agent commissions are taxable supplies subject to GST/HST. Unlike mortgage or insurance commissions, which are generally exempt financial services, real estate brokerage services are not exempt. Once your total taxable revenues cross $30,000 in a single calendar quarter or over four consecutive calendar quarters, you are required to register for GST/HST and charge it on commissions to clients and co-operating brokerages. Many new agents miss this threshold in their first active year, creating a potential retroactive collection liability. If you crossed the threshold and have not registered, that is the first item to address before filing.

□ GST/HST registration status: confirm whether you are registered

Your Business Number (9 digits) and, if registered, your GST/HST program account number (for example, 123456789RT0001), plus your registration and effective dates, and whether you file monthly, quarterly, or annually.

If you are not registered and your taxable revenues exceeded $30,000 in a single calendar quarter or over four consecutive calendar quarters ending in 2025, contact us before filing. Late registration can create a deemed collection obligation retroactive to the date registration was required, meaning CRA may assess GST/HST on commissions you collected without charging it to clients or cooperating brokerages.

□ Total GST/HST collected or collectible on commissions in 2025

The total GST/HST charged on commissions earned in 2025. If you use accounting software, provide the GST/HST collected report. If you track manually, provide the total GST/HST from all commission invoices issued to brokerages or clients during 2025.

GST/HST on commissions is typically collected from the cooperating brokerage or the listing brokerage rather than directly from the buyer or seller. Confirm how your brokerage handles GST/HST on commission splits; some brokerages collect and remit on behalf of registered agents while others require the agent to invoice and remit independently. Clarify which arrangement applies to you before filing your HST return.

□ Input tax credits (ITCs): GST/HST paid on business expenses in 2025

The total GST/HST paid on deductible business expenses in 2025 that qualify as input tax credits. This includes HST on brokerage fees, advertising, staging costs, marketing materials, software subscriptions, and other business purchases where you paid HST as part of the purchase price.

ITCs reduce the amount of GST/HST you owe to CRA. To claim an ITC, you must have a receipt or invoice showing the supplier’s Business Number, the date, the total amount, and the GST/HST amount (or a statement that HST is included). Keep all supplier receipts that include GST/HST paid; they are required for both your HST return and your T2125 expense documentation.

□ GST/HST returns filed for 2025 and amounts remitted (if registered)

Copies of all GST/HST returns filed for reporting periods within or overlapping 2025, including filing confirmations, any amounts owing or refunded, and payment records confirming remittance to CRA.

GST/HST returns must be reconciled to commission revenue before filing your T1. The taxable supply figure on your HST returns and the gross revenue on your T2125 should be consistent, with any differences explained (for example, timing differences between reporting periods or commission adjustments). Unexplained gaps between the two figures are a common trigger for CRA review.

□ Threshold check: if not yet registered

If you are not registered for GST/HST, provide your total gross commission revenue by month for 2024 and 2025. We will confirm whether and when the small-supplier threshold was exceeded and what registration obligations arose.

New agents frequently cross the $30,000 threshold partway through their first or second active year without realizing the obligation has been triggered. If you crossed the threshold without registering, contact us before filing so we can determine the correct effective date and any retroactive obligation.

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06. Shared Expenses (Allocation Required)

These expenses require a defensible business-use allocation before any deduction can be claimed. Vehicle use is typically the largest shared expense for real estate agents and the area CRA scrutinizes most closely. Agents who drive clients to showings, attend listings, conduct open houses, and travel between offices need a mileage log. Without one, the deduction is at serious risk.

□ Mileage log for business vehicle use in 2025

Date, starting location, destination, business purpose, and kilometres driven for each trip.

Real estate agents regularly drive clients to property showings, attend listing appointments, conduct open houses, visit staging vendors and photographers, and travel between the brokerage office and properties. All of this is legitimate business driving that can be claimed, but only with documentation. A contemporaneous log is the strongest support. Without one, vehicle deductions are at high risk of being reduced or denied on review. If you do not have a log for 2025, flag this now so we can discuss your options before filing. Travel between your home and the brokerage office that has become your regular place of work is generally not deductible; travel from the office to a listing or showing is deductible.

□ Total kilometres driven in 2025: business and personal

Used to calculate the business-use percentage applied to all vehicle expenses. Odometer readings at January 1, 2025 and December 31, 2025 provide the most reliable total. If you did not record odometer readings, use vehicle service records as a reference point.

□ Vehicle expense receipts or annual totals by category

Fuel, insurance, repairs and maintenance, registration, business-related parking and tolls, and loan interest or lease payments. Annual totals by category are sufficient for intake; retain individual receipts in case of CRA review.

Lease and financing interest deductions are subject to annual CRA limits that change year to year. Do not estimate these amounts independently; provide the lease agreement or financing statement and we will apply the correct limits. Many real estate agents drive a newer or more expensive vehicle for client-facing work; the CCA and lease cost limits are particularly relevant in this category.

□ Home workspace details: size and use

Total home square footage, workspace square footage, and whether the space is dedicated to business use only or mixed-use.

Many real estate agents work primarily from home for administrative tasks, client calls, and document preparation, meeting clients at the brokerage office or properties rather than at home. A home office deduction is available if the workspace is your principal place of business or if you use the space exclusively and regularly to meet clients. A mixed-use room may still qualify if it is the principal place of business, subject to reasonable allocation. Important: CCA should generally not be claimed on a home office within a principal residence. Doing so can result in partial loss of the Principal Residence Exemption on that pro-rated portion when the home is sold. Home office expenses cannot be used to create or increase a business loss.

□ Rent receipts (renters) or mortgage interest details (homeowners)

Renters: annual rent total or monthly receipts. Homeowners: mortgage statement showing the interest and principal split for 2025.

Only the interest component of mortgage payments is included in the home office calculation; principal repayment is not. Request the year-end interest summary from your lender rather than estimating from your monthly payment amount.

□ Utility bills for 2025: annual totals

Electricity, heating, and water. Annual totals are sufficient for intake. Retain underlying statements in case of CRA review.

□ Internet: annual total and estimated business-use percentage

Allocation required. Do not claim 100% unless the connection is used exclusively for business. A household internet connection shared with family members requires a reasonable allocation. Real estate agents typically have high business use given MLS access, marketing platforms, and virtual tour tools, but the allocation must be documented and defensible.

□ Mobile phone: annual total and business-use percentage

Common business uses for real estate agents: client calls and texts, showing coordination, offer negotiations, MLS access and notifications, document signing apps, marketing platforms, and navigation.

A separate business-only mobile line can be claimed in full. A shared personal plan requires a percentage allocation. Phone use is typically very high for active agents, and a well-supported allocation is more valuable than an unsupported 100% claim.

□ Home insurance annual premium

Allocation required. A portion of home insurance is included in the home office calculation based on the workspace square footage percentage.

□ Property tax bill (homeowners only)

Allocation required. Property taxes are included in the home office calculation based on the workspace square footage percentage.

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07. Direct Business Expenses

These expenses are receipt-based and do not require a percentage allocation, provided they were used entirely or primarily for business. Registration fees, E&O insurance, brokerage fees, and listing-related marketing costs are the most significant categories for real estate agents and are consistently under-documented at filing time.

□ RECO registration fees and renewal fees

RECO registration renewal invoice and payment confirmation for 2025, including the RECO insurance program levy if charged separately from the registration fee.

RECO registration fees and the RECO insurance levy are required to practice real estate in Ontario and are fully deductible as a business expense on Form T2125. If you are registered in multiple provinces, collect renewal invoices from each provincial regulator.

□ Real estate board membership dues and MLS access fees

Annual membership dues to TRREB, OREA, CREA, or any local or regional real estate board, plus MLS system access fees, Stratus or board portal fees, and any technology fees billed by the board.

Board membership and MLS access are required to practice as a real estate agent and are fully deductible as a business expense. Some board fees are billed annually in January; onfirm whether the 2025 invoice covers calendar year 2025 or relates to a different membership period and report accordingly.

□ E&O (errors and omissions) insurance premium

Policy invoice and annual premium total for any E&O coverage maintained separately from the RECO insurance program.

The RECO insurance levy is deductible as part of your RECO registration cost. Separately maintained E&O coverage is also deductible in full as a business expense. Life insurance and personal disability insurance are generally not deductible as business expenses even when motivated by income protection needs.

□ Brokerage fees, desk fees, franchise fees, and administration charges

Monthly desk fees, per-transaction fees, technology platform fees, franchise royalties (RE/MAX, Century 21, Royal LePage, and similar), compliance fees, and administration charges paid to your brokerage in 2025.

Watch for fees that are deducted from commission payouts at source rather than invoiced separately. Confirm the gross commission and all brokerage deductions with your commission statements. Fees embedded in the commission payout are still deductible as a business expense; they must be identified and documented separately from gross revenue. Franchise fees paid as a percentage of gross commission are a particularly common item that agents miss when they report only net commission.

□ Referral fees paid out in 2025 (if applicable)

Fees paid to other agents, relocation companies, mortgage brokers, lawyers, or other referral sources for client introductions. Include invoices or written fee agreements, amounts paid, recipient name, and payment date.

Referral fees paid for client referrals are deductible as a business expense when supported by documentation. Under fees-for-service reporting rules, payments over $500 in a calendar year generally must be reported on a T4A (box 048). T4A slips and the summary are due by the last day of February following the calendar year. Review your payer obligations before filing your own return.

□ Listing-specific marketing and advertising expenses

Professional photography and videography, virtual tours, floor plans, drone footage, listing on additional platforms beyond board MLS, print feature sheets and brochures, for-sale signage, open house materials, and any other costs paid directly for specific listings in 2025.

Listing-specific marketing costs are deductible as direct business expenses. Keep individual invoices by listing. Where a listing expense is partially reimbursed by the seller or the brokerage, only the net unreimbursed portion is deductible. Flag any expense reimbursement arrangements during intake.

□ General marketing and advertising expenses

Personal branding and website costs, digital advertising (Google, Meta, Instagram, LinkedIn), social media management tools and subscriptions, domain and hosting fees, printed marketing materials (business cards, flyers, postcards, door hangers), neighbourhood marketing campaigns, and lead generation platforms and services.

General marketing costs build your profile and client pipeline rather than supporting a specific listing. These are deductible as ongoing business expenses. Keep receipts or consolidated platform statements by category.

□ Staging and property presentation costs (if paid by agent)

Staging rental fees, staging consultation fees, and minor property preparation costs paid by you on behalf of a client listing in 2025 and not reimbursed by the seller or brokerage.

Staging and presentation costs paid by the agent to support a listing are deductible as a business expense. These costs are distinct from any personal home staging or renovation costs, which are not deductible. Where the seller agreed to reimburse staging costs at closing, only the unreimbursed balance is deductible. Retain the staging invoice and a note of any reimbursement arrangement.

□ CRM, transaction management, and real estate software

Follow Up Boss, LionDesk, kvCORE, BoldTrail, Brokermint, DotLoop, Lone Wolf, or any other CRM, transaction coordination, or real estate platform subscription paid in 2025.

Watch for subscriptions billed annually that renew automatically and are not captured in monthly bookkeeping. Review your credit card statements for annual charges that may fall outside the standard monthly review window.

□ General business software and office tools

Microsoft 365, Google Workspace, DocuSign or e-signature tools, Canva or design tools, scheduling tools, accounting software, and any other subscription billed for business purposes in 2025.

□ Hardware and computer equipment receipts (2025 purchases)

Laptop, desktop, monitors, printer or scanner for document handling, tablet, camera or photography equipment used for listings, and any other hardware purchased in 2025. Include purchase date, vendor, amount, and estimated business-use percentage for any mixed-use item.

Hardware and equipment are generally capital assets claimed through CCA, not a current expense. For 2025 purchases, do not assume a full first-year write-off; provide receipts and we will confirm the correct class and first-year rule. Photography or videography equipment used exclusively for listing content and never for personal use may be claimable at 100% business use.

□ Continuing education and professional development receipts

RECO continuing education credits, OREA or CREA courses, designation programs (ABR, SRS, CNE, and similar), and any other professional development completed in 2025.

Continuing education required to maintain registration is deductible. Voluntary professional development is deductible when it maintains or improves skills required in your current real estate sales activity. Keep receipts and a short note on business relevance. Note that the Canada Training Credit may also apply to certain eligible training fees, but you cannot claim the same cost on both T2125 as a business expense and as a Canada Training Credit on the T1. We will determine the more advantageous treatment.

□ Payments to an assistant, buyer’s agent, or transaction coordinator (if applicable)

Invoices or payment records, total amount paid, and type of work performed.

Reporting fees for service rules generally require service payments over $500 in a calendar year to be reported on a T4A (box 048). T4A slips and the summary are due by the last day of February following the calendar year. If the person is treated as an employee, payroll and T4 obligations apply separately. Confirm the working arrangement before filing. Team commission payments to other registered agents require specific treatment; flag these during intake.

□ Private Health Services Plan (PHSP) premiums (if applicable)

Health and dental insurance premiums paid through an eligible PHSP provider for yourself, your spouse or common-law partner, and household members in 2025. Provide the annual premium total and the plan provider name.

PHSP premiums may be deductible as a business expense only if CRA conditions are met (including active engagement in the business and meeting the income tests described by CRA). You cannot deduct PHSP premiums if another person deducted them or if anyone claimed them as medical expenses. PHSP premiums must be paid to a third-party provider; you cannot write off out-of-pocket medical bills as a business expense without a qualifying plan in place.

□ Accounting and legal fees

Teplov CPA fees for bookkeeping and tax return preparation, legal fees for reviewing referral agreements, team agreements, or independent contractor arrangements, and fees paid to other professionals for services related to your real estate business in 2025.

Accounting fees that relate to preparing your business income and expense reporting (including the T2125 and related bookkeeping) are generally deductible as a business expense. Legal fees for reviewing a team agreement or buyer representation agreement template are deductible. Legal fees for a personal matter are not.

□ Business banking fees

Pull from bank statements. Business account fees are deductible and often overlooked.

□ Meals and entertainment (business-related only)

Receipts for meals and entertainment with a clear business purpose. Include date, amount, venue, names of attendees, and the business purpose for each claim.

Only 50% of eligible meal and entertainment expenses are deductible. The business purpose must be documented at the time of the expense by noting it on the receipt or in a contemporaneous record. Meals with clients, referral sources, or colleagues for deal-related or business development purposes qualify. Do not claim the full cost.

□ Client gifts and closing gifts (if applicable)

Closing gifts for buyer and seller clients, housewarming gifts, holiday gifts to active clients and referral sources, and client appreciation expenses in 2025.

Client gifts are a business expense. Retain receipts and note the business purpose and recipient. Closing gifts are a normal and expected part of the real estate agent business and are fully deductible with receipts. Gifts that include an element of entertainment may be subject to the 50% meals and entertainment restriction; flag these for review.

□ Business travel expenses (if applicable)

Flights, hotels, taxis, rideshare, and transit costs for travel to real estate conferences, board events, out-of-town client meetings, or investment property tours for clients. Separate from local vehicle expenses claimed in Section 06.

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08. Investment Income

□ T5: interest and dividend income

T5 slips from all financial institutions for interest earned on savings accounts, GICs, and bonds, and for dividends received from Canadian corporations in 2025.

Interest earned inside a TFSA is not reportable. Interest in a non-registered account is fully taxable. If you received dividends from your own corporation, the T5 issued by the corporation must be included here.

□ T3: trust and mutual fund income

T3 slips from mutual funds, ETFs, and trusts for income allocations in 2025. T3 slips are typically issued in March and are sometimes delayed; do not file without confirming all T3s are in hand.

□ T5008: securities transactions

Issued by brokerages for proceeds of securities sold in 2025. The T5008 shows proceeds only; you must also provide the adjusted cost base and transaction costs for each disposition to calculate the capital gain or loss.

□ Rental income from investment properties (if applicable)

If you own rental properties, provide gross rental income, property addresses, and expense records for each property. Rental income is reported on Form T776, separate from your T2125 real estate commission income.

Many real estate agents also own investment properties. Rental income and associated expenses are reported on T776, not T2125. CCA claimed on rental properties follows different rules than CCA on business assets, and rental losses have specific limitations. If you have rental properties, contact us to confirm we have the full picture before filing. If rental income is complex or involves multiple properties, a separate document package may be required.

□ Foreign bank and investment accounts

If you hold any foreign financial account, confirm the year-end balance and whether the total cost of all specified foreign property exceeded $100,000 CAD at any time in 2025.

The $100,000 threshold is measured at cost, not market value. Penalties for failure to file a required T1135 start at $25 per day to a maximum of $2,500. T1135 is a separate filing obligation from the T1 return, generally due on or before the due date of your income tax return.

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09. Year-End Position

Business income is generally reported on the accrual method for tax purposes. If you track income and expenses based on bank deposits and payments, we may need year-end adjustments for commissions earned on closed transactions that have not yet been paid, and for expenses incurred but not yet paid. These items will not be visible from your bank account alone. December closings are a particularly common source of year-end gaps for real estate agents.

□ Year-end accounts receivable: commissions earned on closed transactions not yet received as of December 31, 2025

A list of all transactions that closed on or before December 31, 2025 for which commission had not been received by December 31. Include client name, property address, closing date, gross commission amount, and expected brokerage payment date.

Under accrual accounting, commission income is earned when the transaction closes and the right to receive payment is established. A deal that closed December 28 belongs in the 2025 tax year even if the brokerage does not process the payment until January 2026. This is the single most common year-end adjustment for real estate agents. Confirm your full December closing list and match each deal to a commission statement or brokerage record.

□ Conditional deals outstanding as of December 31, 2025 (for information only)

A list of accepted offers outstanding as of December 31, 2025 that were still conditional (subject to financing, inspection, or other conditions) and had not yet become firm.

Conditional deals are not yet closed transactions and do not give rise to an accrual income inclusion. Commission is earned when the deal becomes firm and closes, not when the offer is accepted. This information is requested for planning purposes only: if a large conditional deal converts to firm in early 2026, it will affect your 2026 income and instalment planning. No adjustment to your 2025 return is required for conditional deals that have not yet closed.

□ Year-end accounts payable: business expenses incurred but unpaid as of December 31, 2025

A list of business expenses incurred before December 31, 2025 but not yet paid. Examples: a staging invoice outstanding at year-end, a photographer invoice for a December listing, a referral fee owed but not yet paid, an accounting invoice received in December and paid in January.

Under accrual accounting, an expense is deductible in the year it is incurred, not the year it is paid. If a legitimate business expense is owed at December 31 and supported by an invoice or agreement, the deduction belongs in 2025 regardless of when payment is made.

□ Sale or disposal of business assets in 2025 (if applicable)

If you sold, traded, or disposed of any business asset in 2025 (a vehicle, computer, or camera equipment previously claimed on a CCA schedule), provide the date of disposition, proceeds received, original purchase date, and original cost.

Disposing of a business asset may trigger recapture of CCA previously claimed (taxable income) or a terminal loss (deductible) depending on the proceeds and the remaining undepreciated capital cost of the class.

□ Bad debts (if applicable)

If a commission was previously included in income on an accrual basis and has become genuinely uncollectible in 2025 (for example, a deal that was reported as closed but the closing was subsequently reversed and the commission clawed back), it may be deductible as a bad debt or income reversal. Provide the original amount, the year it was included in income, and documentation of the circumstances.

Commission clawbacks on reversed transactions are a specific situation that requires review. If a deal was included in prior year income and the transaction subsequently collapsed with a commission recovery, the treatment depends on the year of the clawback and whether the amount was recoverable from the client. Flag any clawback or reversal situation during intake.

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10. Registered Plans

□ RRSP contribution receipts: 2025 and first 60 days of 2026

Official receipts for all RRSP contributions made between January 1, 2025 and March 2, 2026. Contributions in the first 60 days of 2026 can be deducted on your 2025 T1 or carried forward. Collect receipts from all institutions where RRSP accounts are held.

Your 2025 RRSP deduction limit is shown on your 2024 NOA. The 2025 maximum new contribution room is 18% of 2024 earned income to a maximum of $32,490, minus your pension adjustment, plus unused room carried forward. Net self-employment income is earned income for RRSP purposes. Real estate commission income is highly deal-dependent and can vary substantially from year to year; RRSP planning is particularly valuable for agents who want to smooth their tax liability across strong and slow years. Over-contributing triggers a penalty of 1% per month on the excess; confirm your available room before contributing.

□ RRSP deduction election: confirm amount to deduct in 2025

You are not required to deduct RRSP contributions in the year made. If your 2025 income is lower than expected due to a slow market or a concentrated Q4, it may be more tax-efficient to contribute now and deduct in a future higher-income year.

The contribution builds tax-free growth inside the RRSP regardless of when the deduction is claimed. We will model the deduction timing as part of your return preparation if you flag this as a question.

□ First Home Savings Account (FHSA): contributions and withdrawals (if applicable)

If you opened or contributed to an FHSA in 2025, provide the T4FHSA slip. The 2025 annual contribution limit is $8,000 with a lifetime limit of $40,000. FHSA contributions are deductible and qualifying withdrawals for a first home purchase are tax-free.

□ Home Buyers’ Plan (HBP) repayment (if applicable)

If you made an HBP withdrawal in a prior year, the required 2025 repayment amount is shown on your 2024 NOA. If the minimum repayment is not made by March 2, 2026, the shortfall is added to your 2025 taxable income. Note: the HBP withdrawal limit was increased to $60,000 for withdrawals made after April 16, 2024, and the grace period before repayments must begin has been extended to five years for eligible withdrawals made between January 1, 2022 and December 31, 2025.

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11. Deductions and Personal Tax Credits

□ Medical expenses

Receipts for eligible medical expenses paid for yourself, your spouse, and dependants in any 12-month period ending in 2025. Request an annual statement from your pharmacy and dentist rather than gathering individual receipts.

Only the amount exceeding the lesser of the 2025 indexed threshold ($2,834) or 3% of net income qualifies for the credit. If you have a PHSP through your business, confirm which costs were reimbursed through the PHSP and which were paid personally; costs already deducted as a PHSP business expense on T2125 cannot also be claimed as a personal medical expense credit on the T1.

□ Charitable donation receipts

Official tax receipts for all charitable donations to registered Canadian charities in 2025. Include any unused donation carryforwards from prior years shown on your 2024 NOA. Donations can be pooled with a spouse and claimed on one return to maximize the amount above the $200 base.

□ Childcare expenses (if applicable)

Receipts for daycare, after-school care, summer day camps, and other eligible childcare expenses paid in 2025. Include the amount paid, the provider’s name, and the provider’s SIN or business number.

Childcare expenses are generally claimed by the lower-income spouse. The deduction limit is the lesser of actual expenses, $8,000 per child under 7, $5,000 per child aged 7 to 16, or two-thirds of the lower-income earner’s earned income. Net self-employment income is earned income for this purpose.

□ Moving expenses (if applicable)

If you moved at least 40 kilometres closer to a new place of business in 2025, provide receipts for transportation, storage, travel, and temporary accommodation. Moving expenses can only be deducted against income earned at the new location.

□ Ontario Trillium Benefit: property tax or rent paid

If you are an Ontario resident, provide the total property tax paid in 2025 on your principal residence, or total rent paid if renting. Include the address and landlord details if renting.

□ Digital news subscription receipts

Receipts for eligible digital news subscriptions to qualifying Canadian news organizations in 2025. The federal credit rate and eligible subscription parameters should be confirmed against the 2025 CRA line guidance before filing.

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12. Incorporation and Structuring Flags

These items do not require documents to gather; they are questions to answer before your return is prepared. The answers affect planning decisions made as part of the return, not after.

□ Personal Real Estate Corporation (PREC): existing or under consideration

If you currently operate through a PREC or are considering incorporating as a PREC in 2026, flag this before your 2025 return is prepared.

Ontario and several other provinces permit real estate agents to incorporate through a PREC structure. A PREC can defer tax on income retained inside the corporation rather than withdrawn immediately, and the small business deduction may apply to the first $500,000 of active business income. However, PREC rules vary by province, income-splitting rules limit the benefit in many situations, and the ongoing costs and compliance requirements of maintaining a corporation must be weighed against the tax benefit. The incorporation analysis is most relevant when net commission income consistently exceeds $80,000 to $100,000 and a meaningful portion can be retained in the corporation. We will run the specific numbers for your situation if you flag this question.

□ Worker classification risk: independent contractor vs. employee

If you work exclusively for one brokerage, follow their direction on how client relationships are managed, and do not independently negotiate your own commission arrangements, flag the nature of the relationship before we prepare your return.

Most real estate agents are self-employed independent contractors registered with a brokerage, not employees. However, some newer agent arrangements may have characteristics that blur this distinction. If reclassified as employment, T2125 self-employment deductions are disallowed. The relevant CRA test focuses on control, tools, chance of profit, risk of loss, and integration. This is rarely an issue in real estate but should be flagged if the arrangement is unusual.

□ Brokerage change in 2025 or anticipated in 2026

If you changed brokerages during 2025 or are planning to change in 2026, flag this before your return is prepared.

A brokerage change mid-year creates two sets of commission statements, two T4As, and potentially two sets of brokerage fee arrangements to document. It may also trigger questions about commission income earned on deals that were in progress at the time of the change and how those are split or reported. Deals listed under one brokerage that close after a transfer to a new brokerage require specific documentation. Provide both brokerage commission summaries for the full year and flag any deals that straddled the transition.

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13. Digital Records and Audit Protection

CRA audits and review requests can arrive two to four years after filing, and longer if CRA suspects misrepresentation or fraud, in which case there is no limitation period. The records you gather now may need to be produced in 2027 or 2028. CRA generally requires business records and supporting documents to be kept for six years from the end of the last tax year they relate to. Keep records for longer if a return is under objection or appeal, or if a related matter remains open. This section protects the deductions you have claimed and reduces the risk of disallowance if CRA asks questions later.

□ Digital backup of all physical receipts

Scan or photograph all paper and thermal receipts before submitting originals or filing. This applies especially to restaurant receipts, parking receipts, and any printed receipts for meals, open house supplies, or client gifts.

Thermal paper receipts fade within 12 to 18 months and are frequently illegible by the time CRA requests them. A faded or blank receipt provides no audit protection. CRA generally accepts a clear digital image of the original as a supporting document, provided the image is legible and complete. Store backups in a cloud folder organized by tax year.

□ Master commission statement from your brokerage showing the full flow of funds

Obtain the brokerage’s full commission summary for 2025 showing each transaction, gross commission earned, brokerage split and fees deducted, and net amount paid to you. This is separate from your individual deal statements and provides a single reconciliation document for the full year.

This is the key document that reconciles your reported gross income against the T4A your brokerage issued. If CRA questions the difference between your reported income and the T4A amount, this statement is your primary support. Confirm with your brokerage whether this annual summary is available through your agent portal before filing.

□ Mileage log retained with 2025 tax records

Store a complete copy of your 2025 mileage log alongside your tax records. If your log is kept in an app, export a PDF or CSV copy before filing.

Vehicle expenses are one of the most frequently reviewed deductions for self-employed real estate agents. A complete mileage log is the primary defence if CRA questions the business-use percentage applied. Apps that generate logs automatically are only useful if the underlying data was recorded contemporaneously; a reconstructed log from memory is significantly weaker.

□ Transaction records retained: deal files and closing documents

Retain a copy of the accepted offer, amendment records, and commission confirmation or direction for each transaction closed in 2025. These do not need to be submitted with your tax documents but must be available if CRA requests them.

Transaction records are the underlying support for your commission income. If CRA queries a specific deal, the accepted offer and commission direction confirm the closing date (which determines the tax year), the gross commission, the cooperating brokerage split, and any referral fee arrangements. Most agents retain these through their brokerage’s transaction management system; confirm you can access them independently in the event of a brokerage change or system migration.

□ Referral fee documentation retained: agreements, invoices, and payment records

Store signed referral fee agreements, invoices received and issued, and payment confirmations for all referral arrangements in 2025 alongside your tax records.

Referral fee income and referral fee expenses are both areas CRA can question on a real estate agent return. The same documentation that supports the deduction (written agreement, invoice, proof of payment) also confirms the nature of the arrangement and the business purpose. Keep both sides of each referral relationship documented.

□ All 2025 records organized in a dedicated tax folder

Organize all 2025 tax records into a single cloud folder with subfolders by category: income and commissions, GST/HST, shared expenses, direct expenses, year-end position, prior year. Store a local backup copy.

CRA review requests typically give 30 days to produce documentation. A well-organized folder reduces that exercise from several weeks of searching to a single export. The folder structure should mirror the sections of this checklist so records can be located and produced by category without searching across multiple tools and email threads.