** Loft47 generates information to create T4A information, we do not file this information with CRA. See filing information here.
Turn on your reporting by adding the year(s) in the Allowed Tax Years field.
Enter your Threshold amount in Tax Reporting Threshold field.
Set your Other Income/Mentor Fee Income reporting
Under the Brokerage Menu / Settings, you can enter a threshold of income to exclude filings for Agents or Outside Brokers that are under the threshold amount.
Once you are ready to allow your Agents access to download their own PDF copy, you can enter the year you'd like them to have access to.
If you've been with Loft for several years, you can select which years you'd like them to have access to on an ongoing basis.
3. Choose if you want to report Mentor/referral income to the recipients T4A
The default setting for the downloaded files for the Brokerage is to include any Agent that had transactions and was active for any length of time in the specified tax year. If you want to pull in any deactivated / inactive Agents that were inactivated in years prior to the current year or if you want to include all the external Brokerage’s payouts you can choose to add them from the filter. Please note, government filing requires Tax IDs, so if you are reporting for Outside Brokers you'll need to add their Tax IDs.
In your first year with Loft, please review the following information and update us as soon as possible. In order to prepare your year-end contractor statements, we will need confirmation on the following items:
Your business tax number (on the Brokerage edit Menu)
Agent & Company Tax Numbers
From the Tax Report menu, you can export a CSV file to review which people and companies are missing their Tax IDs. If an Agent is paid to their own name, you'll use the Tax ID on their profiles (social insurance number).
If they pay out to their company name, please update the Organizations Tax ID in the Organization profile.
If the company name is a registered business, it will also require a 9-digit format, followed by 'RP0001'. Eg. 000000000RP0001
Commissions Reported NET or GROSS
When setting up your fees during onboarding, we always default (unless directed otherwise) to set your deductions/fees to NOT net out Gross Commission incomes.
If you’re unsure which deduction is netting out your GCI, you can head over to the Deduction Template page, under your Brokerage menu, and you can visually check there (Don’t forget to check all pages!)
If you need to switch those deductions to NET out the GCI, you can alter any or all as such by clicking the pencil next to the deduction and in the general settings section of the deduction, add a checkmark to Reduce 1099/T4A checkbox. Save your changes.
Once all your settings and deductions have been adjusted to your area’s required settings, you can download the CSV version, the XML version for online submission, and the PDF version to distribute to your Agents from the Tax Return Report in the Reports menu page. *Agents will be able to print a PDF of their records via their Profile.
For more information on filing your report, visit here
Thank you :)