NEW Incorporation for Real Estate Agents

For many years, Ontario real estate agents have fought for the right to conduct their activities through a business corporation. On March 4th, 2020 Bill 145 – An Act to amend the Real Estate and Business Brokers Act, 2002 (The “Act”) received Royal Assent. The Act updates many aspects of the legislation governing the Real Estate industry, but specifically allows real estate professionals to form and conduct their activities through a Personal Real Estate Corporation (PREC) in Ontario.

 

While details are currently being developed, now is the time to contact your FCR advisor to discuss how these changes could impact you. We can discuss future tax strategies, keep you abreast of developments, and take steps to put into place the necessary corporate structure to take advantage of this opportunity once available.