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@USA

There are two type of commission rebates: 1. directly reduce purchase price via contractual reduction in commison % (no need to report). 2. commission received by agent at contractual % and agent gives you a rebate (need to report).

jeffrey815(Smartiecat)
(#7250042@0)
Last Updated: 2012-1-31
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Replies, comments and Discussions:

  • 枫下家园 / 钱财税务 / 请教：买房的佣金回扣需要报税吗？ -jackdeng(jack); 2012-1-30 (#7248195@0)
    • 不需要,本来就是你的钱.你想想,你买房的钱难道是税前的吗?你去商店买东西,打折扣你获得的好处想交税吗? -elephantsong(双修大笨象); 2012-1-30 (#7248453@0)
      • Apparently if it is a MANUFACTURER'S REBATE, you need to pay HST on the whole amount. If it is a price discount, then you don't need to pay HST on the discounting part. This is a similar idea to #7250042@0 -jeffrey815(Smartiecat); 2012-1-31 (#7250065@0)
    • No need, CRA would accept if you claim. -daydream123(梦驰CN); 2012-1-30 (#7248456@0)
    • Rebate reduces your cost of the purchase. It is not an income/revenue. If this is your investment property, make sure you reduce the cost. -rv2843(rv2843); 2012-1-31 (#7249132@0)
    • 经纪的佣金是需要纳税的，如果经济把一部分佣金返回给你，这并不是在你的购房价扣去的，房价多少，佣金多少，都有记录可查的。一般情况jj会给你T４A，是需要保税的。 -peaceinmindcanada(kiwi); 2012-1-31 (#7250026@0)
      • +1 -ziye(twelve); 2012-1-31 (#7250085@0)
      • Anyone received T4A on it? -daydream123(梦驰CN); 2012-2-1 (#7252344@0)
    • There are two type of commission rebates: 1. directly reduce purchase price via contractual reduction in commison % (no need to report). 2. commission received by agent at contractual % and agent gives you a rebate (need to report). -jeffrey815(Smartiecat); 2012-1-31 (#7250042@0)
      • i also called cra today, one senior consultant told me the agent has to report all, and deduct rebate as expense, another one told me he never heard about it, and ask me to write email to ruling department. once i got reply i will post here -jackdeng(jack); 2012-1-31 (#7251931@0)
        • never call CRA , those are seasonal part time workers , 100 people can give you 100 answers -hardaway(CDTH&NBHH); 2012-2-3 (#7258156@0)
    • found this one (likely US): -rv2843(rv2843); 2012-2-1 (#7252262@0)
    • 这种佣金就类似于用信用卡消费后，信用卡公司反钱反点。我没说过这种钱算收入。 -iamflying(飞翔鸟); 2012-2-1 (#7252718@0)
    • 收到CRA Ruling部门回复，我个人不用报告佣金回扣。经纪有两种选择：1报纯收入部分2报全部收入，在“other expenses" 报回佣部分，并注“sales expenses'. 最好买家给经纪写个回佣收据。 -jackdeng(jack); 2012-2-2 (#7254709@0)
      • could you kindly share the email for us to reference in the future? Thanks! -yeek(我爱我家); 2012-2-2 (#7254742@0)
        • OK. Also, they just call back to confirm it is for residency, not for commercial. -jackdeng(jack); 2012-2-2 {1033} (#7254845@0)
          本文发表在 rolia.net 枫下论坛LPRA/PLAR IT Rulings Directorate - 20 / Direction des décisions en impôt - 20 (ITR20.LPRA@cra-arc.gc.ca)
          In answer to the portion of your question relating to the reporting for the real estate agent income/expense:
          The income would be reported on the Form T2125 Statement of Business or Professional Activities. The $5,000 amount could be described as a “discount” and can be reported on the line:
          “PST, GST/HST, returns, allowances, discounts included in sales, and GST/HST adjustments
          Gross sales, commissions, or fees (including GST/HST collected or collectible)”
          This response is based solely on the facts provided in your email.
          ==========================================================
          I am Ontario resident, I bought a twenty-year old house in my area last year. I hired a buyer, and made an agreement with him to get 1.25% rebate out of his 2.5% commissions, for example, he got $10,000 commission from sale agent, and he wrote a check of $5,000 to me as rebate, and I wrote a receipt for him.更多精彩文章及讨论，请光临枫下论坛 rolia.net
          • The email only describes what the agent would do. What about the ruling on your portion? -jeffrey815(Smartiecat); 2012-2-2 (#7255556@0)
            • My portion was confirmed over phone. But i asked her to write a short email to conform agent portion, so I can forward to. -jackdeng(jack); 2012-2-3 (#7258013@0)
              • I think you better have it on writing to avoid any potential problems. The people who is looking at your agent's and your return is different than the one who is looking at your issue now. -jeffrey815(Smartiecat); 2012-2-3 {182} (#7258172@0)
                From an accounting perspective, when it is a tax deductible expense to one party that means the receiving party has to report tax.

                So you should get it on writing just to be safe.
          • So, your conclusion is? -james123456(Father w/ 2 sons); 2012-2-2 (#7255585@0)
    • 从税局的角度，任何earned income，allowrance， commission等等都需要缴税，不管是agent交，还是客人交，税是免不掉的。经纪可以将rebate作为expense，但是客人交要算在自己的income里。或者经纪自己全额上水，然后给客人rebate as gift。 -holisticinvesting(holisticinvestor); 2012-2-7 (#7267440@0)
    • Please notice, the key is if it is after tax income. The money on purchase house is after tax, not before tax. So the Rebate is not the income, only the discount. -daydream123(梦驰CN); 2012-2-7 (#7267694@0)

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