Got my First property. Do I need a REI Accountant?

[Ralph Noack]

I have just completed my first deal. Yay. I purchased a legal duplex which I am hoping to make into a triplex (move some walls, add a kitchen, separate electrical meters, etc.). Deal closes in early July; the transformation may take 6 months or so (with renos & red tape from the municipality). The plan is to purchase more  down the road. I already have an accountant for my roofing contracting company Actually he only does my year end stuff & provides me with my financial statements for tax purposes & that's about it.  His services only cost me about $350 per year. I know that's not much.

My lawyer said that without a doubt he wants us to set up the new business as a corporation.

My Question is: Do I need an accountant specifically geared toward Real Estate Investment? or can I just use my regular accountant? 

As well how much should I expect to pay for an accountant for my REI business? And what should I expect of him/her?

FYI we are in southern Ontario.

[Dmitriy Fomichenko]

Ralph, you should use an accountant who is not only specializing working with real estate investors, but how owns rentals himself as well. There are many intricacies related to rentals that regular accountant may not be familiar with.