The Realtor’s body in Ontario said that the real estate agents in the province should be capable of forming a private real estate corporations. The association is backing Bill 104, the Tax Fairness for Realtors Act 2017, which has been considered for discussion by Todd Smith, PC MPP and in accordance with Centre for Spatial Economics analysis reveals it would bring advantage to the province if the law should be altered.
CEO of OREA, Tim Hudak said; “Realtors are pillars of their communities and hardworking small business owners. Personal real estate corporations will help them offer more services to clients, invest in new technology and create jobs in their community.” Under the Real Estate Brokers Act 2002, Realtors are not permitted to establish individual real estate corporations, however, that puts them in an unfavorable circumstance unlike other structure professionals in the region.
The professionals who are allowed and given the go-ahead to form a PREC are; insurance agents, Realtors in British Columbia, Manitoba, Saskatchewan, Nova Scotia, Quebec, and Alberta, including lawyers, accountants and mortgage brokers to name a few. Ettore Cardarelli, President of OREA commented; OREA is working to make sure Ontario Realtors are treated fairly. 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.”