Mortgage Agents & Brokers
Bookkeeping and tax support designed for Canadian mortgage agents and brokers
Commission income does not follow a predictable schedule. Deals close when they close. One month may be strong, the next slower. Your tax obligations, however, remain consistent and require planning.
Teplov CPA provides bookkeeping, tax compliance, and tax planning for mortgage agents across Canada, whether you operate as a sole proprietor or through a corporation.
Common Situations We See
Mortgage agents and brokers typically contact us in one of the following situations:
– You are tracking commissions from multiple brokerages or lenders.
– You are unsure whether your expense tracking reflects everything you are entitled to deduct.
– You use your vehicle extensively for client meetings but do not maintain a CRA-compliant mileage log.
– Your income fluctuates significantly year to year.
– The incorporation question has come up but no one has shown you a clear financial comparison.
– Tax season feels reactive rather than organized.
Our role is to provide structure, clarity, and informed guidance based on your income level, province, and long-term objectives.
Our Services for Mortgage Agents
Monthly Bookkeeping
Clean books throughout the year improve visibility and reduce stress at filing time.
We provide:
– Monthly transaction categorization
– Bank and credit card reconciliations
– Commission income tracking across brokerages
– Expense categorization and monitoring
– Financial statements including profit and loss and balance sheet
– Year-end file preparation to support tax filing
Bookkeeping is delivered using Xero or QuickBooks Online, configured specifically for commission-based income.
Tax Compliance
We prepare and file returns accurately and on time, with a CPA who understands how mortgage commissions are structured.
Services include:
– T1 personal income tax returns
– T2125 self-employment income reporting
– T2 corporate tax returns where applicable
– Quarterly installment calculations
– CRA correspondence support related to prepared filings
Mortgage brokerage commissions are generally exempt from GST/HST under the Excise Tax Act. However, if you earn consulting fees, referral income structured differently, or other non-exempt income, GST/HST obligations may arise. This should be reviewed carefully.
Tax Planning for Commission-Based Income
Tax planning for mortgage agents focuses on structure, timing, and income variability.
Incorporation Analysis
Incorporation may be appropriate if:
– Net income is consistently strong
– You do not require all earnings personally in the same year
– You want to defer tax on retained earnings
We evaluate your historical income, projected earnings, province of residence, and personal cash flow needs. You receive a clear comparison of remaining a sole proprietor versus incorporating.
Vehicle and Home Office Strategy
Vehicle expenses are often a significant deduction for mortgage agents. CRA requires a compliant mileage log and proper documentation. We provide guidance on how to structure this correctly.
Home office deductions may also apply where the workspace meets CRA criteria.
Installment Planning
Commission income often results in fluctuating tax liability. If you owed more than $3,000 in a prior year, installment payments may be required. We calculate installment obligations in advance to reduce interest exposure.
Frequently Asked Questions
Generally, arranging financing qualifies as an exempt financial service. This means commissions earned from that activity are not subject to GST/HST and do not require registration on that income alone. If you earn other types of income, the analysis may change.
Yes. The tax deferral benefit of a corporation applies only if earnings remain inside the corporation. In lower-income years where most income is required for personal expenses, incorporation may provide limited benefit. We review your income patterns before making a recommendation.
Common deductible expenses include licensing fees, E&O insurance, CRM and software subscriptions, professional development, referral fees where properly documented, vehicle expenses supported by a mileage log, and home office expenses where applicable. Marketing and client entertainment have partial deductibility rules that must be applied correctly.
2025 Tax Return
The filing deadline for self-employed Canadians is June 15, 2026. Any balance owing is still due April 30, 2026.
We are currently accepting new mortgage agent and broker clients for the 2025 tax year.
Get started
Email contact@teplov.ca or use the contact form with a brief description of your situation, including:
– Approximate annual income
– Whether you are incorporated
– Whether you earn income beyond brokerage commissions
– What you are trying to resolve
We typically respond within one business day.