The Ontario Real Estate Association has launched realtortaxfairness.ca in support of Bill 104, the Tax Fairness for Realtors Act.
“OREA is working to make sure Ontario realtors are treated fairly,” said Ettore Cardarelli, President of OREA. “Most professions in Ontario have the ability to form personal corporations, but not realtors. This legislation is about giving Realtors the same business rights as everybody else.”
If passed, the Bill would allow agents to form personal real estate corporations.
“Realtors are pillars of their communities and hardworking small business owners,” said Tim Hudak, OREA CEO. “Personal real estate corporations will help them offer more services to clients, invest in new technology and create jobs in their community.”
A recent study by the Centre for Spatial Economics found that personal real estate corporations would have a positive economic impact on the province, arguing the creation of such corporations would contribute between $9-$25 million per year to Ontario’s GDP.
“Realtors are not allowed to form personal real estate corporations (PRECs) due to a technicality in the Real Estate Business Brokers Act, 2002,” OREA said in a release. “Currently, other regulated professions in Ontario, including accountants, lawyers, health professionals, mortgage brokers, insurance agents, architects and engineers, can all form personal corporations.
“British Columbia, Alberta, Saskatchewan, Manitoba, Quebec and Nova Scotia also permit PRECs.”
One real estate association has launched a website in support of a Bill that will allow agents to structure their businesses in a different way.