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 […]