--- title: "Realtor and PREC Accountant Serving Kelowna" url: https://www.everstonecpa.com/realtor-accountant-kelowna description: "Accounting for Kelowna realtors: commission with nothing withheld, GST on commissions, vehicle and home-office claims, and the BC PREC. Talk to a BC CPA." type: service-in-a-city updated: 2026-10-08 summary: "A Kelowna realtor earns commission with no tax withheld, usually has to register for and charge GST on it, and can claim a share of vehicle and home-office costs with the right records. BC permits personal real estate corporations, so commission can be paid to a company and taxed at the small-business rate until you draw it. EverStone prepares the returns either way, and helps decide whether a PREC is worth it." faq_count: 6 publisher: EverStone CPA Inc., a Chartered Professional Accountant firm registered with CPA British Columbia and CPA Alberta service_area: British Columbia, Alberta, Ontario and Manitoba language: en-CA contact: info@everstonecpa.com · https://www.everstonecpa.com/book-online --- [Home](https://www.everstonecpa.com/) [Accountant in Kelowna](https://www.everstonecpa.com/accountant-kelowna) Realtors Realtors & PRECs · Kelowna # Realtor accountant in *Kelowna* Selling homes in the Okanagan means condos downtown, family houses in the suburbs, orchards and acreages, lake property and recreational buyers from out of province. All of it is paid by commission, and much of it closing in a few busy months. EverStone is an [accountant for realtors](https://www.everstonecpa.com/accountant-for-realtors) and a [Kelowna small business accountant](https://www.everstonecpa.com/accountant-kelowna), at fixed fees, online. [Get My Fixed Quote](https://www.everstonecpa.com/book-online)[Ask a Free Question](https://www.everstonecpa.com/quick-question) **Quick answer:** A Kelowna realtor earns commission with no tax withheld, usually has to register for and charge GST on it, and can claim a share of vehicle and home-office costs with the right records. BC permits personal real estate corporations, so commission can be paid to a company and taxed at the small-business rate until you draw it. EverStone prepares the returns either way, and helps decide whether a PREC is worth it. Published fees start at $325 a month for bookkeeping and $125 for a personal return. For a one-owner Kelowna realtor’s PREC, monthly bookkeeping, payroll and the year-end T2 with statements usually cost from $500 to $700 a month all-in. ## Commission income and the tax nobody withholds A brokerage pays commission without deducting income tax, CPP or EI, so every deal that closes carries tax that has not been paid yet. In the valley the timing is uneven: a good spring and summer can produce most of a year’s commission, and the winter can be close to empty. Spending the spring’s commission as it arrives is how a realtor ends up with a large balance owing on April 30 and an instalment notice for the year after. The fix is a separate account and a habit. A share of each commission cheque goes aside for income tax and GST the day it lands. Once net tax owing passes $3,000 in the current year and either of the two previous years, instalments are due March 15, June 15, September 15 and December 15. We size them to your actual year rather than the CRA’s estimate. An unincorporated realtor files by June 15 but still pays by April 30. The [tax instalment calculator](https://www.everstonecpa.com/tax-instalment-calculator) shows where you stand. ## GST on commission Real estate commission is a taxable supply for GST. Once your commissions pass $30,000 in four consecutive calendar quarters, registration is mandatory, and many realtors register from the start so they can recover the GST on their expenses. The brokerage then pays GST on top of your commission, and you remit it on your GST return, less input tax credits on your vehicle, marketing, desk fees and phone. The common problems are small ones that add up: GST collected but spent, input tax credits claimed on personal costs, or a return filed on the wrong period. An unincorporated realtor filing annually with a December 31 year-end files by June 15 and pays by April 30, the same split as the personal return; a PREC files and pays three months after its year-end. [GST registration](https://www.everstonecpa.com/blog/gst-hst-registration-guide-small-business) covers the thresholds and the filing periods. ## The BC personal real estate corporation BC permits licensees to earn commission through a personal real estate corporation. The brokerage pays the PREC rather than you personally, and the company pays tax on its active business income at the small-business rate, which on the [BC tax facts page](https://www.everstonecpa.com/bc-tax-facts) is 11% combined. What you leave in the company is taxed at that rate until you take it out as salary or dividends, when personal tax applies. The benefit is the deferral on money you do not need to live on, not a lower lifetime tax bill on money you spend. A PREC also brings costs: its own bank account, bookkeeping, a T2 every year, a BC annual report, and the discipline of never paying personal expenses from the company account. For a realtor who spends everything they earn, those costs can outweigh the deferral. Dividends paid to family members are also limited by the tax on split income rules, so income splitting is narrower than many expect. The PREC has to be set up to the regulator’s requirements before the brokerage can pay it, which means the incorporation, the licensing and the accounting should be planned together. The [PREC accountant for BC realtors](https://www.everstonecpa.com/prec-accountant-bc) page covers the first year in detail. ## The vehicle and the home office A realtor’s car is a working tool, driven to showings in the Lower Mission, across the bridge to West Kelowna and out to Lake Country acreages. The deductible share is the business-use percentage, and the CRA expects a log to support it. A log kept for a representative period, with the odometer readings behind it, is the difference between a claim that stands and one that is cut back. Inside a PREC the choice changes: the company can own the vehicle, which may create a taxable benefit, or pay you a reasonable per-kilometre allowance for using your own. The [mileage and vehicle log](https://www.everstonecpa.com/mileage-and-vehicle-log) sets out what to record. A home office can be claimed when it is where you mainly do the work, or when it is used only for the business and regularly for meeting clients. The claim is a share of the home’s utilities, insurance and maintenance, and for an owner of the home, claiming capital cost allowance on it is usually a mistake because of the principal residence exemption. Within a PREC the home office is reimbursed by the company rather than claimed on the personal return. [Home office expenses for incorporated owners](https://www.everstonecpa.com/blog/home-office-expenses-incorporated-business-canada) explains the method. ## Marketing, gifts and the fees the brokerage charges Listing photography, staging, signage, online advertising and brokerage desk and franchise fees are ordinary business expenses. Client closing gifts are deductible when they are a genuine business cost, but meals and entertainment with clients are generally limited to 50% of the cost. The distinction matters because a realtor’s marketing line is often the largest on the return and the one the CRA reviews first. We code each type separately in the books so the limits apply automatically. ## What EverStone handles for you One CPA, one fixed fee agreed up front: - Personal return with T2125, or the T2 and year-end statements for a PREC - GST registration, returns and input tax credits - Instalments sized to your actual commission year - Vehicle and home-office claims supported by records - Salary and dividend planning from a PREC - Bookkeeping reconciled to the brokerage statements ## Fixed fees, fully online A self-employed return with schedules is commonly $275–$500 per year; a PREC is quoted after we review your enquiry. The fee is fixed and agreed before work starts. See [what it costs](https://www.everstonecpa.com/pricing). About this article **EverStone CPA** Prepared and reviewed by a Chartered Professional Accountant at EverStone CPA, a CPA firm working with small and midsized businesses in BC, Alberta, Ontario and Manitoba. Updated September 2026 . [About the firm](https://www.everstonecpa.com/about) · [Send an enquiry](https://www.everstonecpa.com/book-online) ## What a realtor has to get right What a realtor has to get right The items that decide a realtor’s year — for a business operating in Kelowna, British Columbia | Item | Why it matters | | Tax set aside | Commission is paid with nothing withheld | | GST | Commission is taxable, and registration is mandatory past the small-supplier threshold | | PREC or not | A deferral that only pays when income is left in the company | | Vehicle log | The record behind the largest expense claim on most returns | | Sales tax where you operate | 5% GST plus 7% BC PST — two registrations, two returns | Source: [Real estate professionals accounting](https://www.everstonecpa.com/real-estate-professionals-accounting). General information, not advice. Common questions ## Kelowna accounting for realtors and personal real estate corporations FAQ **Should I set up a PREC?** It depends on how much commission you can leave in the company. The benefit is paying the small-business rate on income you do not need personally; if you draw everything out each year, the extra costs of a corporation can outweigh it. [Ask about your case →](https://www.everstonecpa.com/quick-question) **Do I have to charge GST on my commission?** Yes, once you are registered, and registration is mandatory once commissions pass $30,000 in four consecutive calendar quarters. The brokerage pays the GST on top of your commission. **What do I need to support a vehicle claim?** A log of business trips with dates, destinations and kilometres, plus the odometer readings at the start and end of the year, and the receipts for fuel, insurance, repairs and financing. **Can my PREC pay dividends to my spouse?** Only within the regulator’s share ownership rules, and even then the tax on split income rules often tax those dividends at the top rate. It needs to be planned before shares are issued. **Is there a Kelowna office?** No. EverStone works online and serves Kelowna realtors remotely, by video, phone and secure upload link. **Do you work with businesses outside Kelowna itself?** Yes. Realtors in West Kelowna, Lake Country, Peachland and the rest of the Central Okanagan are served the same way as those in Kelowna, remotely and at the same fixed fees. ## Related services and local guides Nearby cities, the rest of what we do for Kelowna businesses, and the reference pages behind this one. [Contractor accountant in Kelowna T5018 slips, progress billing, WorkSafeBC and GST on new housing.](https://www.everstonecpa.com/contractor-accountant-kelowna) [Personal tax accountant in Kelowna Self-employed, rental and seasonal income on the T1, and moves into BC.](https://www.everstonecpa.com/personal-tax-accountant-kelowna) [Tax on split income When dividends to family members are taxed at the top rate.](https://www.everstonecpa.com/blog/tosi-tax-on-split-income-canada) [Corporate tax (T2) in Kelowna Corporate tax for Kelowna businesses](https://www.everstonecpa.com/corporate-tax-accountant-kelowna) [Bookkeeping in Kelowna Bookkeeping for Kelowna businesses](https://www.everstonecpa.com/bookkeeping-kelowna) [Vehicle and mileage deductions What a business can claim for a car](https://www.everstonecpa.com/blog/vehicle-mileage-deductions-canada-business) [Payroll in Kelowna When a PREC or a team starts paying salaries](https://www.everstonecpa.com/payroll-services-kelowna) [Tech startup accounting in Kelowna SR&ED, grants and stock options](https://www.everstonecpa.com/tech-startup-accountant-kelowna) [Meals and entertainment The half-deduction rule, explained](https://www.everstonecpa.com/blog/meals-entertainment-deduction-50-percent-rule-canada) [BC tax facts Current rates and thresholds for British Columbia](https://www.everstonecpa.com/bc-tax-facts) [Accountants across British Columbia Remote CPA service throughout BC](https://www.everstonecpa.com/accountant-british-columbia) ### What clients say Rated 5.0 on Google across 21 client reviews. [Read all reviews](https://www.everstonecpa.com/reviews) ★★★★★ “…We switched to him last year for both our personal and small-business taxes — responsive, knowledgeable and quick.” Heather Powers Verified Google review ★★★★★ “Personal. Professional. Responsive. Plus he saved me a bundle!” Corrin Skalbeck Verified Google Local Guide ### Starting fees Every fee is fixed in writing before any work begins. - **Monthly bookkeeping, GST/PST filing included** from $325 a month - **Payroll, remittances, T4s and ROEs** included in monthly bookkeeping - **Books, payroll and the year-end T2 together** $500–$700 a month - **Corporate year-end and T2 return** fixed fee, quoted in writing - **Personal tax return (T1)** from $125; self-employed or rental $275–$500 - **Catch-up bookkeeping** from $2,200 per year of records - **Controller or CFO support** controller from $1,650, CFO from $2,750 a month - **One-off advice call with a CPA** $225 plus GST [Get My Fixed Quote](https://www.everstonecpa.com/book-online?service=monthly#enquiry-form) ## Selling real estate in Kelowna? One CPA for your commission, GST, PREC and planning. Fixed fee, fully online. Send an enquiry. [Get My Fixed Quote](https://www.everstonecpa.com/book-online)[Ask a Free Question](https://www.everstonecpa.com/quick-question) ## Remote accounting for realtors Accounting for Kelowna realtors is delivered remotely. **There is no Kelowna office and no local team.** Meetings are virtual, documents are signed electronically, and brokerage statements, receipts and the vehicle log come in through a secure upload link, so nothing waits for a visit. ## Talk to a CPA about this One Chartered Professional Accountant, start to finish. Fixed fees, quoted in writing before any work begins, and no obligation from a first conversation. [Get My Fixed Quote](https://www.everstonecpa.com/book-online) [Ask a Free Question](https://www.everstonecpa.com/quick-question) Email info@everstonecpa.com --- Source: https://www.everstonecpa.com/realtor-accountant-kelowna Prices: https://www.everstonecpa.com/pricing · Contact: info@everstonecpa.com · https://www.everstonecpa.com/book-online