On October 1st, 2020, the Provincial government brought forward Ontario’s new rules for forming Personal Real Estate Corporations (“PRECs”). PRECs allow REALTORS® to access the business advantages of incorporation, including tax and income planning benefits.
OREA has created this website and the materials on it to support Members who are interested in forming a PREC. Please review the materials (below) and reach out to a member of our team if you have any questions:
IMPORTANT: To decide if forming a PREC is the right choice for you and your business, OREA encourages you to seek advice from your lawyer, accountant, and financial advisor.
ONTARIO REALTOR® GUIDE TO PRECs
If you are thinking about forming a PREC, OREA has prepared A Guide to Personal Real Estate Corporation for Ontario REALTORS® that explains the basics of incorporating, including outlining the advantages and potential challenges associated with incorporation.
The Guide also provides a focused look at how the PREC model can be interpreted for Ontario REALTORS® looking to take advantage of the new regulations.
PRECs & WHAT THEY MEAN FOR ONTARIO REALTORS® WEBINAR
OREA hosted an exclusive webinar that featured an in-depth briefing for Members on the new PREC regulation and about PRECs. Our team of experts also took Member questions.
FAQ – REALTORS® & PRECs
We know Members have questions about PRECs. OREA has worked with our legal experts to answer your questions.
If you have a question that is not answered in our FAQ, you can email us at: GovernmentRelations@orea.com.