The College is Closing

The OREA Real Estate College will cease to operate on December 31, 2020. Find out how the closing will affect admissions and the deadline to complete programs.

2019 course sessions are now available for enrolment

The OREA Real Estate College is pleased to announce the availability of 2019 course sessions for Registration Education courses. Detailed course information is available on the Course Calendar page of the OREA website, or by contacting the College at 416-391-6732 or 866-411-6732.

Log in as a…


Login


Login

We can help

articleimage

April 10, 2014

OREA applauds Tax Fairness for Realtors Act

The Ontario Real Estate Association (OREA) applauds the introduction of new legislation which will bring fairness to the tax treatment of Ontario Realtors.

Introduced by Prince Edward--Hastings MPP Todd Smith, the Tax Fairness for Realtors Act, 2014 will allow real estate salespeople to form personal corporations. The Real Estate and Business Brokers Act, 2002 (REBBA), prevents real estate salespeople from operating their business through a personal real estate corporation (PREC).

“This is fantastic news for real estate professionals,” said Costa Poulopoulos, president of OREA. “Most professions in Ontario can form personal corporations. This is an important step towards treating Ontario Realtors fairly.”

Other regulated professions in Ontario, including chartered accountants, lawyers, health professionals, social workers, mortgage brokers, insurance agents, architects and engineers, can all form personal corporations. Since 2008, British Columbia, Québec, Manitoba, Saskatchewan, Alberta and Nova Scotia have moved to allow real estate salespeople to incorporate.

“Most other provinces allow Realtors to form personal corporations,” said Poulopoulos. “It’s time for Ontario to do the same.”

PRECs will also help grow Ontario’s economy. A recent study by the Centre for Spatial Economics (C4SE), found that PRECs would have a positive impact on provincial tax revenue and the economy. Specifically, C4SE’s report found that PRECs:

  • Would create between 33-89 net new jobs annually;
  • Increase provincial tax revenue by an annual average of $0.8 million to $2 million; and,
  • Would contribute between $9 to $25 million annually to Ontario’s GDP.

“Personal real estate corporations will pay for themselves, create jobs and help grow Ontario’s economy,” said Poulopoulos.

The ability to incorporate would allow a Realtor, depending on their level of business income, to save money on their income tax by taking advantage of the lower corporate tax rate. Money saved on taxable income is typically reinvested in the corporation.

-30-

About OREA: The Ontario Real Estate Association represents over 58, 000 brokers and salespeople who are members of the province’s 40 real estate boards. OREA serves its members through a wide variety of publications, educations programs and special services. The association provides all real estate licensing courses in Ontario. 


For more information contact:

Katarina Markovinovic-Praljak

Head of Communications & Media Relations

katarinam@orea.com


More News & Press Releases

articleimage

Statement from OREA CEO Tim Hudak on repeal of the Green Energy Act

The Ontario Government’s decision to repeal the Green Energy Act has saved home owners thousands of dollars, by putting the brakes on a program that would have forced Ontario home sellers to conduct a mandatory home energy audit before selling their home.

Read More
articleimage

OREA Statement on Federal Government’s Refusal to Allow Provinces the Ability to Ban Home Growth of Cannabis

Ontario Realtors are disappointed the federal government rejected the Senate recommendation that would have allowed provinces to ban home growth of cannabis. Provinces should have the ability to protect home owners and communities from the problems associated with former grow ops. Quebec and Manitoba have committed to standing firm on this issue and the ambiguity in the legislation has opened the door to court challenges. We look forward to working with Premier-Designate Ford to address Realtor concerns and ensure we protect Ontario homes and families.

Read More
articleimage

York region politicians want a new municipal land transfer tax grab on home ownership

York Region councillors are demanding new tax powers from the province, and they have their eyes set on the municipal land transfer tax (MLTT). If implemented, the tax would add over $15,000 to an average priced York Region home, impacting housing affordability for all home buyers and making the Canadian dream of home ownership less achievable for thousands of young buyers. This could set a dangerous precedent for housing affordability across the wider Greater Toronto Area and the rest of the province.

Read More
Back to News & Press Releases
To MP Survey
OREA Contract