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Rental Property Managers Strata Management Companies BCFSA Trust Reporting

Accounting built
for property managers in BC.

From monthly trust reconciliations and owner statements to BCFSA annual filings and non-resident withholding, Vault CPA keeps your brokerage compliant and every client dollar accounted for.

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Property management accounting in Vancouver
Property Management
Vault CPA accounting for property managers in Vancouver Vault CPA accounting for property managers in Vancouver
Property Management Accounting

Rental Property Managers, every owner, every dollar, reconciled.

We keep a separate trust ledger for each owner, reconcile rent receipts, security and pet deposits, maintenance costs, management fees and owner distributions every month, handle GST on your management fees, and run payroll and source deductions for your office and building staff.

Property Management Accounting

Strata Management Companies, separate funds, clean records.

We support a designated trust account for each strata corporation, reconcile operating fund and contingency reserve fund activity, track strata fee collections and vendor payments through flow-through accounts, and prepare the year end figures your strata councils and owners rely on.

Property Management Accounting

BCFSA Trust Reporting, filed on time, every year.

Every licensed brokerage must file financial statements, an accountant's report and a brokerage financial information filing with BCFSA within 120 days of its fiscal year end. We prepare the statements, complete the accountant's report on your trust accounts, and catch reconciliation gaps before an audit does.

From First Meeting to Filed Return
STEP 01

Understanding your operation.

We start with your doors under management, strata corporations, trust account structure, property management software and fiscal year end. We review recent reconciliations and identify any BCFSA or CRA gaps before any work begins.

From First Meeting to Filed Return
STEP 02

Reconciling your trust accounts.

Each month we reconcile bank balances to owner and strata ledgers and to total trust liabilities, inside the five week window BCFSA expects, so your managing broker can review and sign off with confidence.

From First Meeting to Filed Return
STEP 03

Filing your returns.

We prepare your T2 corporate return, GST/HST filings, payroll remittances, NR4 reporting for non-resident owners, and your annual BCFSA accountant's report, accurately and on time.

From First Meeting to Filed Return
STEP 04

Staying audit ready.

Once filings are done, we stay available for BCFSA audits, CRA correspondence, new management contracts and growth planning. Your portfolio keeps moving and so do we.

Vault CPA accounting for property managers in Vancouver
Vault CPA
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Your clients trust you with their money. Trust us with your books.

Whether you manage ten rental units or forty strata corporations, we bring the trust accounting discipline and tax expertise your brokerage depends on.

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Question 01
What trust records does BCFSA expect from a property management brokerage?

A separate trust ledger for each owner or strata corporation, and a monthly reconciliation of trust assets to trust liabilities completed within five weeks of month end. The managing broker must review, date and initial each reconciliation.

Question 02
When is the BCFSA accountant's report due?

Within 120 days of your fiscal year end, together with your financial statements and the brokerage financial information filing. A brokerage that held no trust money during the year may file a Trust Account Declaration instead.

Question 03
Do I need to charge GST on my management fees?

Long-term residential rent is generally exempt, but your management fees are a separate service. Once your taxable revenue passes $30,000 in four consecutive calendar quarters you must register and charge GST on those fees. We review your fee structure to confirm what is taxable.

Question 04
What if an owner I manage for lives outside Canada?

As the agent collecting the rent, you must withhold 25% of gross rent and remit it by the 15th of the following month, then report it on an NR4 slip. If the owner has an NR6 approved by CRA, you can withhold on net rental income instead.

Question 05
Should security and pet deposits sit in our general trust account?

BCFSA strongly recommends a separate pooled trust account for security and pet deposits only. Interest on deposits held under the Residential Tenancy Act is not paid to the Real Estate Foundation, so keeping them apart makes reconciliations and interest tracking much simpler.

Questions