Tax management is crucial for new agents. Canadian real estate agents are typically self-employed and responsible for their own taxes.
Key Tax Deductions
- Licensing and insurance fees (RECO, OREA, CREA)
- Desk fees, marketing, supplies
- Vehicle and business travel
- Continuing education
For more details, read A Guide to Taxes for Real Estate Agents in Canada.
Managing Your Tax Liability
- Pay quarterly instalments to avoid surprise bills.
- Keep detailed records and receipts for all business expenses.
