Skip to main content
Mortgage and insurance professionals

Mortgage and Insurance Sole Proprietor Tax Checklist

Mortgage and insurance professionals

A focused checklist for unincorporated mortgage agents, mortgage brokers, insurance agents, insurance brokers and similar commission-based professionals.

Use this checklist to organize business records before preparing tax filings or meeting with a tax professional.

Educational use only

This checklist is for general educational purposes only. It may not be appropriate for every reader's or visitor's tax situation and should not be treated as personal tax, legal, financial, accounting, payroll, GST/HST, regulatory or licensing advice. Filing duties, deductible expenses, employment status, GST/HST obligations, reporting requirements and supporting documents depend on your specific facts, province or territory, contracts, residency, business structure and the rules for the tax year being filed.

1. Commission and fee income records

  • Commission statements from brokerages, managing general agencies, insurers, lenders, networks or referral partners.
  • T4A slips, self-employed commission summaries and any chargeback, advance or clawback reports.
  • Referral fees, trailer commissions, renewal commissions, bonuses, overrides and non-cash incentives.
  • Bank deposits, business account records and year-end receivables for unpaid commissions.
  • Contracts with brokerages, agencies, lenders or insurers showing compensation terms and expense responsibilities.
  • GST/HST treatment of taxable and exempt supplies should be reviewed by service type.

2. Professional expense records

  • Licensing fees, regulator fees, continuing education, exams, association dues and compliance training.
  • Errors and omissions insurance, professional liability coverage and required bonding where applicable.
  • CRM, lead generation, website, advertising, client management software and document signing tools.
  • Office rent, shared office fees, home office costs, phone, internet, postage and printing.
  • Vehicle logbook and client meeting travel, parking, meals and business development expenses.
  • Professional fees, bookkeeping, accounting, legal advice and banking costs.

3. Regulatory, licensing and worker-status review

  • Confirm provincial or territorial licence category, renewal status and continuing education requirements.
  • Keep proof of E&O coverage and regulator filings required for mortgage or insurance activities.
  • Retain client files, disclosure documents and commission records according to the applicable regulator and brokerage rules.
  • Review whether income is earned as a self-employed contractor, employee or through a corporation.
  • If licensed through a brokerage or agency, keep agreements that show who is responsible for supervision, marketing, expenses and client records.
  • Confirm GST/HST registration and ITC treatment because financial services may include exempt and taxable supplies.

4. Final review before filing

  • Reconcile commission statements to bank deposits and slips.
  • Track chargebacks separately so income and expenses are not double-counted.
  • Separate personal and business portions of phone, internet, vehicle, home office and meals.
  • Keep contracts, licence records, E&O documents, receipts and commission reports for review.

Official sources and reference links

This checklist is a preparation aid. Confirm current eligibility, filing duties, licensing requirements and documentation with CRA guidance, the applicable regulator, or a qualified professional.

Ready to prepare your mortgage and insurance sole proprietor tax checklist?

Contact Radix
Scroll