In order to prepare your year end contractor statements, we will need confirmation on the following items: 

  1. Your business tax number (on the Brokerage edit Menu)
  2. Individual tax numbers for Agents and/or their company tax information, if they are paid to a company name
  3. Which fees, if any, need to be deducted from the gross commission 

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 

You can alter any or all of your fees to deduct from the total Gross Commission to report an amount-net of any of these fees. Without letting Loft know which fees to set as deductibles, we will report on the entire gross commission. 

*** Please identify the name of the fees you'd like to deduct in your communication to '' ***

Once we receive your feedback, we will go ahead and update your settings and enable the Tax Return report for your download under your Reports menu.

There you can download the CSV version, the XML version for online submission, and the PDF version to distribute to your Agents.

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 :) 

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