Question 1

What can a Canadian insurance broker deduct on T2125?

Accepted Answer

Canadian insurance/mortgage brokers can deduct: E&O insurance (line 8690), licence renewals + association/CE dues (line 8760), client-meeting mileage (line 9281), business-use-of-home (Part 7 of T2125), client meals (line 8523, 50%), professional fees (line 8860), and commission rebates to clients where applicable. R2Sheet auto-categorizes each receipt to the right line.

Question 2

Do insurance brokers in Canada need to register for HST?

Accepted Answer

Most P&C insurance commissions are exempt supplies, and life insurance is exempt — so most brokers don't register for HST unless they have side fee-for-service work. This differs from real estate agents (HST mandatory at $30k). Check with your CPA or FSRA for your specific situation.

Question 3

How is R2Sheet different from MileIQ for brokers?

Accepted Answer

MileIQ tracks mileage only. R2Sheet tracks the receipts (E&O, CE courses, association dues, client meals) — the other deductions brokers commonly miss. Many brokers use both: MileIQ for mileage, R2Sheet for everything else, both feeding into T2125 at year-end.

Question 4

Can I track multi-carrier commission expenses with R2Sheet?

Accepted Answer

Yes. Use the Tag field (e.g. "Manulife", "Canada Life", "RBC Insurance") so you can filter your Sheet by carrier at year-end. Reconciling 8 carriers' commission statements becomes a 10-minute filter exercise instead of a weekend.

E&O. CE. License dues.
Every deduction, captured.

Brokers leave deductions on the table — not the obvious ones, but the scattered ones. E&O premiums emailed once a year. CE course receipts in 4 different inboxes. Client-meeting coffees. R2Sheet captures every one and maps it to the right T2125 line.

Sound familiar?

E&O renewals once a year, then forgotten

CE courses across providers

Client-meeting mileage under-claimed

Home office split confusion

Deductions you're probably leaving on the table

Why R2Sheet

Tag by carrier / MGA

T2125 + Canadian-only tax math

Share Sheet with your CPA

Stop hunting for the E&O email every April.

E&O. CE. License dues.
Every deduction, captured.

Brokers leave deductions on the table — not the obvious ones, but the scattered ones. E&O premiums emailed once a year. CE course receipts in 4 different inboxes. Client-meeting coffees. R2Sheet captures every one and maps it to the right T2125 line.

Sound familiar?

E&O renewals once a year, then forgotten

CE courses across providers

Client-meeting mileage under-claimed

Home office split confusion

Deductions you're probably leaving on the table

Why R2Sheet

Tag by carrier / MGA

T2125 + Canadian-only tax math

Share Sheet with your CPA

Stop hunting for the E&O email every April.

E&O. CE. License dues.Every deduction, captured.

Brokers leave deductions on the table — not the obvious ones, but the scattered ones. E&O premiums emailed once a year. CE course receipts in 4 different inboxes. Client-meeting coffees. R2Sheet captures every one and maps it to the right T2125 line.

Sound familiar?

E&O renewals once a year, then forgotten

CE courses across providers

Client-meeting mileage under-claimed

Home office split confusion

Deductions you're probably leaving on the table

Why R2Sheet

Tag by carrier / MGA

T2125 + Canadian-only tax math

Share Sheet with your CPA

Stop hunting for the E&O email every April.

E&O. CE. License dues.Every deduction, captured.

Brokers leave deductions on the table — not the obvious ones, but the scattered ones. E&O premiums emailed once a year. CE course receipts in 4 different inboxes. Client-meeting coffees. R2Sheet captures every one and maps it to the right T2125 line.

Sound familiar?

E&O renewals once a year, then forgotten

CE courses across providers

Client-meeting mileage under-claimed

Home office split confusion

Deductions you're probably leaving on the table

Why R2Sheet

Tag by carrier / MGA

T2125 + Canadian-only tax math

Share Sheet with your CPA

Stop hunting for the E&O email every April.

E&O. CE. License dues.
Every deduction, captured.

E&O. CE. License dues.
Every deduction, captured.