Here's how a Canadian residential property manager's month typically flows. The whole cycle is anchored to the rent collection date (almost always the 1st), and the financial/trust accounting work clusters around month-end and the first week. Timing below is approximate — your exact days shift with your owner-statement deadlines and provincial rules.
The core cycle: month-end close → the 1st → owner payouts
This is the heaviest stretch and the reason the rest of the month is built around it.
Late in the outgoing month (roughly the 25th–last day), the manager is preparing to collect: confirming rent rolls are accurate, that any rent changes or new/ended leases are reflected, autopay/pre-authorized debit (PAD) batches are queued, and invoices are generated. Then on the 1st, rent is charged and collected — PAD pulls run, e-transfers and cheques are logged, and anything that doesn't clear is flagged.
Early month (≈1st–7th)
Post and reconcile all incoming rent against the rent roll; identify shortfalls and NSFs.
Begin arrears follow-up: late notices, payment reminders, and where rent is unpaid, the province-specific process (e.g., Ontario's N4, Alberta's 14-day notice, BC's 10-Day Notice to End Tenancy). Notice periods and forms vary by province, so this is where provincial compliance matters most.
Pay property expenses and vendor/supplier invoices from the correct trust or operating account.
Reconcile the trust account and operating account. In most provinces a monthly trust reconciliation is a regulatory requirement (RECA in Alberta, BCFSA in BC, RECO/RTA in Ontario), and the trust ledger must always balance to the penny against the bank.
Calculate and disburse owner payouts — net rent collected minus management fees, expenses, and any holdbacks/reserves — and issue owner statements. Many managers target a fixed payout date (e.g., the 10th–15th) so owners know when to expect funds.
Remit any non-resident withholding tax: for owners who live outside Canada, 25% of gross rent (Part XIII tax) is withheld and remitted to CRA by the 15th of the month following the month the rent was received. This is a hard CRA deadline and easy to miss.
Mid-month (≈8th–20th)
Finalize and send owner statements if not already done; field owner questions.
Continue arrears enforcement and any tenancy-tribunal filings (LTB, RTDRS, RTB) that arose from unpaid rent.
Process maintenance: triage work orders, dispatch operators/contractors, follow up on open requests, and code completed work to the right property/expense account.
Handle move-ins/move-outs in progress: condition inspections, deposit handling, and key/access management. Security/damage deposit handling and any required interest accrual is province-specific (e.g., Alberta's regulated deposit interest rate, Ontario's interest on last-month's-rent deposit).
Lease administration: send rent increase notices with the correct lead time (e.g., Ontario and others require ~90 days' written notice on the prescribed form), prepare renewals, and process any guideline rent increases.
Late month (≈21st–month-end)
Review upcoming lease expiries and renewals; confirm next month's rent roll.
Chase any still-outstanding arrears before the new cycle starts.
Run month-end financial reports for internal review (income/expense, delinquency, trust liability/reconciliation).
Tidy the books so month-end close is clean: ensure every transaction is categorized, deposits are recorded, and the trust account reconciles.
Throughout the month (ongoing, not date-driven)
Tenant and owner communication and support.
New tenant screening, applications, lease signing, and onboarding.
Marketing and showing vacant units.
Routine and emergency maintenance coordination.
Inspections (move-in/out, periodic, seasonal).
Compliance record keeping.
Recurring beyond the month
GST/HST remittance on management fees and any commercial rent, on your CRA filing frequency (monthly, quarterly, or annual). Note residential rent is GST-exempt, but your management fees are taxable.
Payroll source deductions if you employ staff (monthly or per CRA schedule).
Quarterly: owner reviews, reserve/sinking fund checks, broader financial reporting.
Annual (year-end): owner income reporting (T776 support), NR4 slips and the Section 216 return for non-resident owners (NR4s due by March 31), annual trust account reporting to your provincial regulator, insurance renewals, and annual rent increase planning.