5 things to do after incorporating your business
1. OPEN A CORPORATE BANK ACCOUNT Your business is now incorporated and you are ready for business. Your corporation is a distinct legal entity, separate and apart from you. It can sue and be sued, it can own assets, transact business and it therefore needs a bank account, separate from your personal account. To open […]
Personal Real Estate Corporations Part Three: Corporate Structure & Liability
The province of Ontario implemented the Trust in Real Estate and Sales Act (“TRESA”) on October 1, 2020 amending Ontario’s existing Real Estate and Business Brokers Act (“REBBA”). The comprising amendments update legislation and regulations for licensed real estate salespersons and brokers (“Agents”), reduce regulatory burdens, and provides more powers to the Real Estate Council […]
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 […]
Fraud Prevention Amid COVID-19
Realtors, mortgage brokers, and lawyers must be extra vigilant when working remotely, and could see an increase of fraudulent activity during the COVID-19 pandemic. Equifax has stated that mortgage fraud has increased by 52% since 2013. As a professional in the industry, you should be aware of the types of fraud you can encounter and […]