Personal Real Estate Corporations (PRECs) – A tax planning tool for realtors!

If the fast-paced and competitive market wasn’t enough excitement for Ottawa real estate professionals, recent amendments to the Trust in Real Estate Services Act, 2020 (“TRESA”) to permit personal real estate corporations (“PRECs”) have passed after much anticipation. These regulations allow Ontario real estate salespeople and brokers to operate their business through PRECs. Click OREA Press Release for more information directly from OREA regarding this new opportunity.

The benefits of incorporation are unique to the real estate professional’s personal situation. In addition to a host of legal benefits that can address liability concerns, incorporation can translate into significant income tax deferrals, and if used properly, absolute savings.

For more information on how incorporation can enhance your real estate business, please contact our office.

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Hendry Warren LLP
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Ottawa ON, K1Z 5L3

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