2025 Tax Documents Checklist for Mortgage Brokers and Agents

Mortgage broker and agent tax returns involve commission income reported through T4A slips, substantial vehicle and professional expenses, and often a mix of employed and self-employed income depending on brokerage arrangement. This checklist covers what you need to file your 2025 return accurately.

Income Documents

• All T4A slips from your brokerage (or multiple brokerages if you moved during the year)
• Commission statements or year-end summaries from your brokerage showing gross commissions, clawbacks, and referral fees paid and received
• Any referral fees received directly from clients or other brokers
• If employed at any point in 2025: T4 slip from the employer
• Interest and investment income: T5 slips

Commission clawbacks: If a client refinanced or broke their mortgage within the clawback period and you repaid commission to the lender, that repayment is a business expense. Obtain documentation of the clawback amounts from your brokerage.

Referral fees paid: Referral fees paid to other brokers, real estate agents, or others are deductible as business expenses. Keep records of each payment, the recipient, and the related transaction.

Business Expense Documents

• Brokerage fees and dues: Monthly brokerage fees, desk fees, and association membership dues (CAAMP, provincial mortgage broker associations)
• Licensing and professional development: Annual licensing fees, continuing education courses, exam fees
• Marketing and lead generation: Website costs, online advertising, business cards, printed materials, CRM subscriptions
• Technology: Mortgage software subscriptions, office productivity tools, phone
• Professional fees: Accounting and bookkeeping fees, legal fees related to business matters
• Bank charges: Business account fees and transaction costs
• Home office: Rent/mortgage interest, utilities, if you work from a dedicated home workspace (see calculation and rules)
• Vehicle expenses: Full vehicle expense details (see below)

Vehicle Expenses and Mileage Log

Vehicle expenses are significant for mortgage brokers who meet clients at properties, lenders, and lawyers’ offices.

Mileage log requirements:

• Odometer readings: January 1, 2025 and December 31, 2025
• Log of each business trip: date, destination (client name or lender), purpose, and kilometres
• Total annual km and total business km

Vehicle expense receipts:

• Fuel
• Insurance
• Maintenance and repairs
• Licence and registration
• Lease payments (if leased) or purchase details and prior-year CCA schedule (if owned)

The business-use percentage applied to total vehicle expenses must be supported by the mileage log. CRA regularly requests mileage logs for mortgage brokers claiming vehicle expenses.

Home Office Calculation

• Total home square footage
• Dedicated workspace square footage
• Annual rent (or mortgage interest, property taxes, insurance for owners)
• Annual utilities (heat, electricity, internet)

The workspace must be exclusively used for business activities.

GST/HST Documents

Mortgage brokerage commissions on residential mortgage transactions are generally exempt from GST/HST. However, some activities (such as commercial mortgage brokerage or certain finder’s fee arrangements) may be taxable. If you are registered or unsure of your registration requirement, provide:

• Total 2025 revenue broken down by type of service
• Any GST/HST collected on taxable supplies
• Input tax credit receipts for business expenses

Prior Year and Carryforward Items

• 2024 Notice of Assessment (shows RRSP room, carry-forward losses, prior-year balances)
• Prior year T2125 CCA schedules if you have depreciable business assets
• Home office expense carry-forwards from prior years if applicable

RRSP and Personal Items

• RRSP contributions: receipts for contributions made January 1 to March 1, 2026 (apply to 2025 if desired)
• Charitable donations: official receipts
• Medical expenses: all receipts for the family over the 12-month period that maximizes the credit

If Incorporated

If you operate through a corporation (see Should I Incorporate? for the decision framework):

• Corporate bookkeeping records and financial statements
• T4 issued by the corporation for salary drawn
• Dividend resolutions for dividends received
• Shareholder loan account balance

Key Deadlines