Best tool to manage / accounting residential properties in Canada

[Daniel LaCroix]

What is the best  software / tool to manage-accounting-prepare for tax returns for residential rental properties in Canada?

Daniel L

[Michael David Pagan]

Hi Daniel!

I would start with some basic accounting software.  Quickbooks Online is pretty popular, but a free option is Wave Apps.  You want to make sure that you have all of your expenses and income accounted for, list of your properties, and work out depreciation based on whatever Canada's depreciation formula applies.  It's all country and probably province specific so I would try to find someone who is an accounting professional in your area.

Another suggestion is to have a bank account dedicated to that specific property or your real estate activity.  You want to make it as easy as possible to measure expenses, and income.

Hope that gives you a start.

- Michael