Edmonton Real Estate Accountant
Trusted Real Estate Accounting Services in Edmonton by BOMCAS Edmonton Accounting Firm
As a real estate professional or investor in Edmonton, you understand the unique financial and accounting challenges that come with the industry. At BOMCAS Edmonton Accounting Firm, we specialize in providing comprehensive accounting services tailored specifically to the needs of real estate businesses and investors in Edmonton, Alberta.
Expert Real Estate Accounting Services
With extensive knowledge and experience in the real estate sector, our team of dedicated accountants offers expert accounting services to support your success. We understand the complexities of real estate accounting, including property management, lease agreements, investment analysis, and tax implications. Whether you are a property owner, developer, or real estate investor, we have the expertise to handle your accounting needs.
Financial Management and Reporting
Proper financial management is crucial for real estate businesses to thrive. Our Edmonton real estate accountants can assist you in maintaining accurate and up-to-date financial records, ensuring that you have a clear understanding of your financial position. We provide detailed financial reports, including income statements, balance sheets, and cash flow statements, to help you make informed decisions and monitor the financial performance of your real estate investments.
Tax Planning and Compliance
Navigating the complex tax landscape is essential for real estate professionals. Our experienced accountants are well-versed in real estate tax laws and regulations in Edmonton. We can develop effective tax strategies to minimize your tax liability while ensuring compliance with all relevant tax requirements. Whether it’s optimizing depreciation deductions, identifying eligible tax credits, or advising on tax-efficient investment structures, we are here to help you maximize your tax advantages.
Assistance with Property Acquisition and Sales
When it comes to property acquisitions or sales, our Edmonton real estate accountants can provide valuable financial insights and analysis. We can assist in evaluating potential investments, conducting due diligence, and assessing financial viability. Additionally, we can help you navigate complex transactions, prepare financial statements for lenders or investors, and ensure proper documentation for smooth property transfers.
Partnership and Joint Venture Accounting
Real estate partnerships and joint ventures often involve intricate financial arrangements. Our accounting experts can assist in setting up partnership accounting systems, tracking contributions and distributions, and preparing accurate financial reports for all stakeholders. We ensure transparency, clarity, and accurate allocation of profits and losses to maintain strong partnerships.
Why Choose BOMCAS Edmonton Accounting Firm?
Real Estate Expertise: Our team specializes in real estate accounting, staying up-to-date with industry trends, regulations, and best practices.
Tailored Solutions: We understand that each real estate business has unique requirements. We provide personalized accounting solutions to meet your specific needs.
Attention to Detail: We pay meticulous attention to detail to ensure accurate financial reporting, compliance, and efficient financial management.
Proactive Tax Planning: Our accountants proactively identify tax-saving opportunities, helping you minimize your tax liability and maximize your financial returns.
Responsive and Reliable: We prioritize responsiveness and timely service. You can rely on us to address your accounting needs promptly and professionally.
Our Accountant are expert at helping real estate investors to structure their operations and investments in a tax efficient manner. Our professionals participate in budget, planning, investment and tax reporting activities, and help real estate investors to make wise decisions
Rental income is any payment you receive for the use or occupation of property such as house, apartments, rooms, space in an office building, real or movable property etc.
Rental income – income you earn from renting a property that you own.
Rental operation – services you provide within your rental property to your tenants such as heat, lighting, laundry, cleaning or security.
Rental property – generally, a building or certain leasehold interests owned by a taxpayer(s) or a partnership that is mainly used to generate gross revenue from rent.
A rental property, other than a building, usually becomes available for use on the earliest of:
- the date you first use it to earn income
- the second year after the year you acquired the rental property
- the time just before you dispose of the property
A rental property that is a building, or part of a building, usually becomes available for use on the earliest of:
- the date when a fully constructed building is purchased or construction of the building is completed
- the date that you rented out 90% or more of the building
- the second year after the year you acquired the building
- the time just before you dispose of the building
When determining the available for use date, a renovation, an alteration, or addition to a building should be considered as a separate building.
You may be able to claim CCA on a building that is under construction, renovation, or alteration before it is available for use. You can deduct CCA that you have available on such a building when you have net rental income from it. The CCA that you can deduct is restricted to the amount of net rental income you have after you deduct any soft costs for constructing, renovating, or altering the building. For an explanation of soft costs, see Construction soft costs.
Capital cost – the amount on which you first claim capital cost allowance (CCA). The capital cost of a property is usually the total of the following:
- the purchase price (not including the cost of land, which is not depreciable)
- the part of your legal, accounting, engineering, installation, and other fees that relate to buying or constructing the property (not including the part that applies to land)
- the cost of any additions or improvements you made to the property after you acquired it, if you did not claim these costs as a current expense (such as modifications to accommodate persons with disabilities)
- for a building, soft costs (such as interest, legal and accounting fees, and property taxes) related to the period you are constructing, renovating, or altering the building, if these expenses have not been deducted as current expenses
For more information on current expenses, see Current or capital expenses.
Legal and accounting fees for buying a rental property are allocated between the cost of the land and the capital cost of the building. If land is acquired for rental purposes or for constructing a rental property, the legal and accounting fees apply to the land.
Capital cost allowance (CCA) – you may have acquired depreciable property like a building, furniture, or equipment to use in your rental activity. You cannot deduct the initial cost of these properties in the calculation of the net income of the rental activities for the year. However, since these properties wear out or become obsolete over time, you can deduct the cost over a period of several years. This deduction is called CCA.
Capital property – generally any property, including depreciable property, you buy for investment purposes or to earn business income. Common types of capital property include principal residences, cottages, stocks, bonds, land, buildings, and equipment used in a business or rental operation.
Contact BOMCAS Edmonton Accounting Firm Today
Take the hassle out of real estate accounting and gain the financial clarity you need for success. Contact BOMCAS Edmonton Accounting Firm today to schedule a consultation and discover how our expert real estate accounting services can benefit your business.