A GUIDE TO PERSONAL REAL ESTATE CORPORATIONS

Author: External Author | | Categories: Personal Tax , Tax Consultant

The ability of Ontario REALTORS® to form Personal Real Estate Corporations (PRECs) comes from the Trust in Real Estate Services Act, 2020 (“TRESA”) and is governed primarily by Regulation 536/20 under the Act, which came into force on October 1, 2020. As of that date, real estate salespeople and brokers may incorporate in Ontario and arrange for their self-employed revenue to be paid into a PREC. Many real estate professionals will choose to incorporate to take advantage of certain tax benefits. However, there is a lot to consider before you form a PREC.

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Original Article Source Credits:   Ontario Real Estate Association , https://www.orea.com/

Article Written By:  NA

Original Article Posted on:  NA

Link to Original Article:  https://www.orea.com/~/media/Files/Downloads/A-Guide-to-Personal-Real-Estate-Corporations-for-Ontario-Realtors

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