Beneficial Ownership of Privately Held Corporations in Ontario
What you need to know! — Information and filing duties. As of January 1, 2023, privately held corporations in Ontario are required to keep their beneficial ownership information, or “individuals with significant control” (ISC) information, in the corporate minute book and are required to provide that information when requested by law enforcement, and regulatory and […]
Business Law Show Episode 3: Shareholders Agreement
We are excited to launch our new, limited business law series: “The Rabideau Law Business Law Show”. Join Rabideau Law’s business/corporate law associate lawyer, Jumi D. Odepe and corporate law clerk, Catherine Hendy, as they discuss everyday business law questions and issues that come their way with the aim to simplify and enlighten. EPISODE 3: […]
Business Law Show Episode 2: Virtual Minute Book
We are excited to launch our new, limited business law series: “The Rabideau Law Business Law Show”. Join Rabideau Law’s business/corporate law associate lawyer, Jumi D. Odepe and corporate law clerk, Catherine Hendy, as they discuss everyday business law questions and issues that come their way with the aim to simplify and enlighten. EPISODE 2: […]
What is a Mortgage Investment Corporation (MIC)?
A Mortgage Investment Corporation (MIC) is an investment fund that pools capital from investors to lend borrowers in the form of private mortgages. This approach to investing increases the flow of money available for the MIC to fund mortgages in the real estate market and equally provides a way for investors to participate in the […]
Personal Real Estate Corporations Part Two: Implications and Tax Incentives
Since the passing of the Trust in Real Estate Services Act, 2020 (“TRESA”) in October, licensed real estate salespersons and real estate brokers (“Agents”) have been able to imagine new possibilities for growth. The implementation of TRESA, allowing Agents to incorporate their business as Personal Real Estate Corporations (“PRECs”), providing Agents with appealing tax incentives […]
Personal Real Estate Corporations Part One: What is a PREC?
On October 1st, 2020, Ontario passed legislation, Trust in Real Estate Services Act, 2020 (“TRESA”), allowing licensed real estate salespersons and real estate brokers (“Agents”) to incorporate their business, known as a Personal Real Estate Corporation (“PREC”). With the passing of Bill 145, TRESA replaces the existing Real Estate and Business Brokers Act, 2020. PRECs […]