Great news!
Effective on October 1, 2020, real estate broker and salesperson in Ontario are allowed under O. Reg 536/20 to incorporate their Personal Real Estate Corporations (PREC).
1. Are you tired of locking your savings in your RRSP account while watching the market index up and down?
2. Are you a real estate investor yourself that frequently get involved in the purchase and sale of real estate property or any other pre-construction assignment?
3. Are you unhappy about receiving less favourable mortgage interest rate every time when you apply for or renew your mortgage with the bank just because you are self-employed?
4. Or are you surprised to know that your brokerage company receives 15% on each deal you close and pays 12.3% corporation tax while you pay 33 cents personal tax on every dollar you received?
If your answer to any of the question above is a “yes”, then we have a great plan for you. Speak to a partner of our firm to find out.