Property by property
Income and expenses mixed across properties make it impossible to tell which one is pulling its weight. I keep each property separate in the books, so every one has its own picture.
Bookkeeping for landlords and rental property owners
Rent coming in, repairs going out, a mortgage, maybe a few properties at once. I keep the books for your own rental properties sorted property by property, so you can see what each one earns and your tax preparer has what they need.
Where rental books get tricky
Rental bookkeeping is simple until there’s more than one property, or more than one owner. Then the details start to matter.
Repairs versus improvements
A small repair and a major improvement are treated differently for tax, and where the line falls is for your tax preparer to decide. I record each improvement separately, with its date and amount, so they have what they need.
Co-owners
When a property is owned with someone else, each owner reports their share. Clean books by property make that split straightforward.
Your own rentals only
I keep books for owners of their own rental properties. I don’t do real estate trust accounts, the kind a licensed property manager keeps for other owners’ money, so that work needs someone else.
Rules worth knowing
From the CRA and the Real Estate Council of Alberta (RECA). Your tax preparer and RECA are the authorities on the details.
- Rental income
- individual owners report it on CRA form T776 for the calendar year. Co-owners each report their share. I organize the income and expenses; your tax preparer completes the form.
- Capital items
- improvements are claimed over time through capital cost allowance, not deducted in full in the year you pay for them.
- RECA licence
- managing property for other people (collecting rent or holding lease money on their behalf) requires a licence from RECA. Owners managing their own property don’t need one.
- Records
- keep business records for six years after the end of the tax year they relate to.
How I help landlords
- Monthly bookkeepingRent, repairs, utilities and fees reconciled and sorted by property every month.
- Catch-up & cleanup bookkeepingA year of rental receipts in a folder? I’ll sort it out by property.
- Year-end bookkeepingEach property’s income, expenses and improvements packaged for your tax preparer.
- Invoicing & accounts receivableRent and charges tracked, so you know which tenants are behind.
- QuickBooks Online setup & migrationQuickBooks Online set up with each property tracked separately.
A growing rental city
Lethbridge has been growing quickly. The 2021 census counted 98,406 people, the city’s own 2023 census counted 106,550, and Statistics Canada estimated about 111,400 by mid-2024. Much of that growth is in West Lethbridge, the newest and fastest-growing part of the city.
If you started with one suite and now have three, giving each property its own clean set of numbers now is much easier than untangling them later.
Questions landlords ask
Do I need a bookkeeper for one rental property?
Not always. With one property, a simple, consistent record of rent and expenses may be enough. Once you have several properties, co-owners, or a mix of repairs and improvements, keeping them straight is where a bookkeeper earns their keep.
Do you prepare my rental income tax form?
No. Rental income is reported on the CRA’s T776, which your tax preparer completes. I organize your rental income and expenses, property by property, so that form is quick to prepare.
What records should a landlord keep?
Rent received, every expense with its receipt, mortgage and loan statements, and details of any improvements (what, when and how much), kept for six years after the end of the tax year they relate to.
Do you work with property management trust accounts?
No. I don’t do real estate trust accounts, including the ones regulated by RECA for managing other owners’ money. I keep books for owners of their own rental properties.
Let’s get your books level.
Tell me where things stand, even if it’s messy, and I’ll tell you honestly what it’ll take to catch up and keep it that way. Every quote is confirmed after a free review of your books.
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