TREB is working with the Ontario Real Estate Association to achieve Tax Fairness for REALTORS®. This campaign is specifically in support of MPP Todd Smith's Bill 104, the Tax Fairness for Realtors Act, 2017, which, if passed, will permit personal real estate corporations (PREC) in Ontario (i.e. allow REALTORS® to incorporate).
What You Can Do
- Visit the campaign website www.RealtorTaxFairness.ca, where you can easily email your MPP to ask them to support the bill. The process is easy and only takes a few minutes.
- Post about the campaign on social media and share the website with colleagues in your brokerages. Both steps are easy to do through the website.
- Download and share the campaign infographics:
Why You Should Take Action
- Currently, Ontario real estate salespeople are prevented by the Real Estate and Business Brokers Act (REBBA), 2002 from incorporating their businesses through a personal real estate corporation (PREC).
- ONTARIO LEGISLATION IS DISCRIMINATORY: Other regulated professions, including chartered accountants, lawyers, health professionals, social workers, mortgage brokers, insurance agents, architects and engineers, can all form personal corporations.
- OTHER PROVINCES: Since 2008, British Columbia, Quebec, Manitoba, Saskatchewan, Alberta and Nova Scotia have all moved to allow real estate salespeople to incorporate.
- NO COMPROMISE TO CONSUMER PROTECTION: Real estate salespeople who form personal corporations will continue to be subject to all professional and ethical obligations under REBBA, 2002.
- SOLUTION: The Ontario government should amend REBBA, 2002 to permit real estate salespeople to incorporate. Allowing personal real estate corporations will help REALTORS® with their small businesses, level the playing field with other regulated professions and harmonize the practice with other provinces.