OREA is backing Bill 104, the Tax Fairness for Realtors Act 2017, which has been tabled by PC MPP Todd Smith and follows a Centre for Spatial Economics study showing that the province would benefit from a law change.
“Realtors are pillars of their communities and hard working 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.”
Realtors are not allowed to form personal real estate corporations under the Real Estate Brokers Act 2002 but that puts them at a disadvantage compared to other regulated professionals in the province.
Mortgage brokers, lawyers, accountants and insurance agents are just some of the professionals who can form a PREC, along with Realtors in British Columbia, Alberta, Saskatchewan, Manitoba, Quebec and Nova Scotia.
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.”
More market update:
Real estate agents in Ontario should be able to form personal real estate corporations, says the province’s Realtor’s body.