Insurance brokers and agents
Tax Preparation for Insurance Brokers
Arsen Accounting Services helps independent insurance brokers and agents prepare Canadian tax returns from their commission statements and business records. We review how the business operates, who earns the income and which returns are needed, through our remote practice based in Ontario.
Request a quote →What to gatherCanadian tax services · Based in Ontario · Remote tax preparation
Tax preparation with Elena Arsen, CPA, CMA · Arsen Accounting Services
Preparation fees
Personal return with one self-employed business from $500; corporate tax return only from $1,150. The appropriate return depends on your work arrangement.
CAD, plus HST. Business and rental fees assume completed, reconciled bookkeeping. Final scope and fee are confirmed before work begins.
View pricing and conditions →Identify the taxpayer and the income sources
An employee, an independent sole proprietor and an incorporated brokerage can have different reporting requirements. Provide your work arrangement and the name on contracts and commission statements. For an unincorporated business, T2125 reporting may accompany the personal T1; an incorporated business has its own T2. If you changed arrangements, identify when each source of income arose.
Keep renewals, advances and chargebacks visible
Gather statements from each insurer, agency or network and retain the detail behind deposits. Separate new-business commissions, renewal income, advances, reversals and chargebacks in the records you provide. Explain differences between statements, tax slips and bank receipts so the same amount is not mistaken for separate income. Unexplained totals can delay preparation.
Organize expenses and supporting records
Identify licensing and professional fees, errors and omissions insurance, marketing, software, office expenses and other business costs. Keep receipts and explain any personal-use portion. A vehicle claim needs use records, and home-office or equipment costs may require additional calculations. Whether a cost is deductible depends on the applicable rules and the facts.
Insurance commissions and GST/HST need a careful distinction
Qualifying services of arranging for insurance can be exempt financial services. Other services or fees may receive different GST/HST treatment. Describe the actual work and provide the relevant agreements; do not apply a blanket assumption to every amount labelled a commission. We confirm any GST/HST work separately. The service here is tax preparation, not ongoing brokerage bookkeeping or regulatory reporting.
Receiving commissions from several insurers or agencies?
List each income source, your work arrangement and the tax year. Flag any statement-to-deposit differences and whether your income and expense summaries are ready. We confirm the preparation work and fee before requesting detailed records.
Insurance broker document checklist →CRA guidance
General information only. Requirements depend on the facts and the tax year. Service scope is confirmed before engagement.
Common questions
Before you get started
Do all insurance commissions have GST/HST added?
No single treatment should be assumed for all activities. Qualifying arranging-for-insurance services can be exempt, while the nature of other supplies must be reviewed. Bring the agreements and fee descriptions.
Can an independent insurance agent use a personal tax return?
An unincorporated business’s results generally form part of the owner’s T1, with T2125 reporting where appropriate. Incorporation, employment status and other facts can change the required filings.
What if my commission statements do not match my deposits?
Bring both sets of records and identify any advances, reversals, fees or timing differences you know about. We will clarify which additional information is needed before preparation can be completed.
Get in touch
Let's discuss your tax needs.
Tell us the tax years, province and filing needs. Prepare a short quote inquiry or contact us directly to discuss availability and scope.
Email: elena@arsenaccounting.com
Phone: (647) 297-4126
Before you send
Please provide a brief description of the assistance you need. Do not email SINs, passwords, banking details or sensitive tax documents in your initial inquiry. We'll discuss an appropriate secure method of sharing documents if we proceed.
Information on this website is general and is not individualized tax advice. Engagements are subject to acceptance, agreed scope and applicable terms.