{"id":8331,"date":"2023-10-03T03:52:00","date_gmt":"2023-10-03T03:52:00","guid":{"rendered":"https:\/\/ownrblog-preprod.go-vip.net\/?p=8331"},"modified":"2023-12-07T14:01:36","modified_gmt":"2023-12-07T14:01:36","slug":"incorporation-guide-for-realtors-what-you-need-to-know-about-personal-real-estate-corporations-precs-in-ontario","status":"publish","type":"post","link":"https:\/\/www.ownr.co\/blog\/incorporation-guide-for-realtors-what-you-need-to-know-about-personal-real-estate-corporations-precs-in-ontario\/","title":{"rendered":"Incorporation Guide for Realtors: What You Need to Know About Personal Real Estate Corporations (PRECs) in Ontario"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The Ontario government recently made an amendment to the <\/span><a href="\&quot;https:\/\/www.ontario.ca\/laws\/regulation\/200536\&quot;"><i><span style=\"font-weight: 400;\">Real Estate and Business Brokers Act<\/span><\/i><\/a><span style=\"font-weight: 400;\">, allowing real estate agents to incorporate their practices through the use of Personal Real Estate Corporations (PREC). This move brings Ontario on par with other jurisdictions that have similar legislation, including Alberta, British Columbia, Saskatchewan, Manitoba, Quebec, and Nova Scotia.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The new rules allowing real estate agents to incorporate gives them the opportunity to reap the benefits of owning a corporation, including a lower tax rate, the opportunity for tax deferral and income splitting, and deductions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re a real estate agent in Ontario and are considering <\/span><a href="\&quot;https:\/\/www.ownr.co\/blog\/5-things-to-consider-when-incorporating-your-business\/\&quot;"><span style=\"font-weight: 400;\">incorporating<\/span><\/a><span style=\"font-weight: 400;\"> your practice, this article will cover the basics of what you need to know.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What is a Personal Real Estate Corporation (PREC)?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">PRECs were established to allow real estate agents the same benefits of incorporation that many other professions, like law, engineering and accounting, already have.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The corporation is referred to as a personal real estate corporation (PREC)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Previously, real estate agents operated as <\/span><a href="\&quot;https:\/\/www.ownr.co\/blog\/sole-proprietorship-advantages-disadvantages\/\&quot;"><span style=\"font-weight: 400;\">sole proprietors<\/span><\/a><span style=\"font-weight: 400;\">, but the ability to operate as a corporation, which is referred to as a Personal Real Estate Corporation, gives them access to benefits afforded to other corporations.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Requirements of PRECs<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">PRECs are incorporated <\/span><span style=\"font-weight: 400;\">under<\/span><span style=\"font-weight: 400;\"> the <\/span><a href="\&quot;https:\/\/www.ontario.ca\/laws\/statute\/90b16\&quot;"><span style=\"font-weight: 400;\">Business Corporations Act<\/span><\/a><span style=\"font-weight: 400;\"> in Ontario. While they have similar benefits to other corporations, a PREC is subject to a few additional requirements, including that the real estate agent establishing the corporation must:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Own all equity and voting shares<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Be the sole director of the PREC<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Be the president of the PREC<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">With this style of corporate structure, non-equity shares must be owned by the real estate agent or a family member (this could be done through a trust). There also cannot be any written provision or arrangement that restricts or transfers any part (or all) of the controlling power away from the real estate owner.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Can a real estate team form a PREC?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Given a PREC must be a <\/span><a href="\&quot;https:\/\/www.ownr.co\/blog\/can-i-be-a-single-person-corporation\/\&quot;"><span style=\"font-weight: 400;\">single-person corporation<\/span><\/a><span style=\"font-weight: 400;\">, it begs the question: what about real estate teams? Unfortunately, teams cannot get together and form a corporation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since each PREC has to have a sole real estate agent who owns all the voting shares, each real estate agent on a team must establish their own PREC and cannot own one jointly.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">What about real estate investors?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Real estate investors cannot use a PREC to reap the benefits of incorporation from their real estate investments. A PREC is intended for real estate agents only.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Advantages of PRECs<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Here are the advantages to establishing a PREC.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Tax savings<\/span><\/h3>\n<p><span style=\"font-weight: 400;\"><a href="\&quot;https:\/\/www.ownr.co\/blog\/a-guide-what-to-consider-when-incorporating-your-business\/\&quot;">Sole proprietors are taxed at a higher rate than corporations<\/a> because they are taxed as individuals. When a real estate agent opens a PREC, they can take advantage of lower corporate tax rates.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><a href="\&quot;https:\/\/www.ownr.co\/blog\/ontario-tax-rates\/\&quot;"><span style=\"font-weight: 400;\">corporate tax rate in Ontario<\/span><\/a><span style=\"font-weight: 400;\"> is 11.5 per cent, which is lower than the <\/span><a href="\&quot;https:\/\/www.taxtips.ca\/taxrates\/on.htm\&quot;"><span style=\"font-weight: 400;\">personal tax rates<\/span><\/a><span style=\"font-weight: 400;\"> for individuals who make over $150,000. You also have to factor in federal taxation on top of that, which is 15 per cent for corporations. Federal tax starts at 15 per cent for individuals and goes up to 33 per cent.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Typically, real estate agents pay the personal income tax rate on all income earned. If you are a high-earner, this can mean a significant chunk of your income goes towards the government.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Income splitting<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">With a PREC, so long as all the voting shares remain with the real estate agent that owns it, family members can be named as share members with non-equity, non-voting shares. This means that dividends can be paid to those family members.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Income splitting isn\u2019t available to all real estate agents under the PRECs. This is because of the updated <\/span><a href="\&quot;https:\/\/www.canada.ca\/en\/revenue-agency\/programs\/about-canada-revenue-agency-cra\/federal-government-budgets\/income-sprinkling\/frequently-asked-questions-income-sprinkling.html\&quot;"><span style=\"font-weight: 400;\">Tax on Split income<\/span><\/a><span style=\"font-weight: 400;\"> (TOSI) exception that sees dividends paid to family members as split income and makes it taxable at the top rate. This effectively means income splitting is not the best benefit of a PREC.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, there are two exceptions to the TOSI rules that could make income splitting a benefit to incorporating a real estate practice in Ontario. The exceptions to TOSI rules are:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If a real estate agent is over the age of 65 years (regardless of the age of their spouse)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If the spouse works over 20 hours per week at the business over the course of a year\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you and\/or your spouse fall under one of these two exemptions, income splitting could be a major advantage of a PREC.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Tax deferral<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Tax deferrals are not the same as tax savings, but they could save you money in the long run, depending on what you do with your excess revenue. PRECs give real estate agents the ability to defer some income, which would then likely qualify at a lower rate of tax.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This can save you money at tax time, but you will eventually have to pay personal tax on it when you start withdrawing from your accumulated corporate savings. This is because after-tax profits are still taxed when <\/span><span style=\"font-weight: 400;\">they are<\/span><span style=\"font-weight: 400;\"> paid out in dividends.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That said, if a realtor can accumulate savings in their PREC, those savings could be used to create additional cash flow. The savings could possibly be invested in <\/span><span style=\"font-weight: 400;\">stocks<\/span><span style=\"font-weight: 400;\">, GICs, EFTs, bonds, mutual funds, or they could go full-circle and be invested in real estate.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It should be noted that if you spend all the money you earn annually in that same year, you will likely not reap the benefits of the tax deferral advantage.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Tax deductions<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Sole proprietors already benefit from <\/span><a href="\&quot;https:\/\/www.ownr.co\/blog\/small-business-deductions-expenses\/\&quot;"><span style=\"font-weight: 400;\">business-related tax deductions<\/span><\/a><span style=\"font-weight: 400;\">, and many of those are the same that corporations benefit from. However, there are two notable exceptions when it comes to tax deductions from having a PREC:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Health Spending Account (HSA):<\/b><span style=\"font-weight: 400;\"> With an HSA, a business owner can be reimbursed for personally incurred medical expenses without those business withdrawals being considered taxable income.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Corporate paid retirement counselling: <\/b><span style=\"font-weight: 400;\">Though the purchase of services <\/span><span style=\"font-weight: 400;\">like<\/span><span style=\"font-weight: 400;\"> financial counselling or tax preparation are usually considered taxable benefits, the exception to the rule is counselling that relates to retirement. With a PREC, real estate agents might be able to fund the service without paying taxes on it.<\/span><\/li>\n<\/ol>\n<h2><span style=\"font-weight: 400;\">Disadvantages of PRECs<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There are two significant disadvantages to incorporating your real estate business, and both are related to the cost.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Whereas <\/span><span style=\"font-weight: 400;\">sole proprietorships are inexpensive and easy to set up, there is a little more paperwork and a higher price tag involved with incorporation. Likewise, when operating a PREC, you will probably spend more money annually on bookkeeping costs and accounting fees for the corporate filings.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Most times, especially when it comes to higher-earners, the advantages outweigh the disadvantages. However, as mentioned earlier, if you\u2019re a real estate agent who isn\u2019t running a particularly high-earning business, these costs might not be worth incurring.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Should I incorporate as a realtor?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Incorporation with a PREC has benefits and drawbacks, so it depends on how a real estate agent runs their business, how much money they make, and how they want to go about handling and reporting that money.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While PRECs have benefits related to tax deferral, income splitting (if you meet one of the exceptions), tax deductions, and give you access to the corporate tax rate, they also cost more money to start and maintain.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many experts say that the PREC model mostly benefits real estate agents who are in a higher tax bracket (especially if you\u2019re claiming <\/span><a href="\&quot;https:\/\/www.moneysense.ca\/save\/taxes\/should-you-set-up-a-personal-real-estate-corporation-prec\/\&quot;"><span style=\"font-weight: 400;\">$100,000 or more<\/span><\/a><span style=\"font-weight: 400;\"> where your personal tax rate is over 40 per cent). Not only does the PREC give you access to the decreased tax rate, but also tax referral capabilities\u2014both of which can help you accumulate wealth faster.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Making the leap from sole proprietorship to a PREC will take extra work, but it might just be the thing that takes your real estate business to the next level.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are you a real estate agent looking to incorporate their business in Ontario? Here\u2019s what you need to know about Personal Real Estate Corporations or PRECs.<\/p>\n","protected":false},"author":5,"featured_media":8333,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[987],"tags":[372,373,374,509,584],"class_list":["post-8331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-starting-up","tag-incorporation","tag-incorporation-in-canada","tag-incorporation-in-ontario","tag-ontario","tag-realtors"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Incorporation Guide for Realtors: What You Need to Know About Personal Real Estate Corporations (PRECs) in Ontario | Ownr Blog<\/title>\n<meta name=\"description\" content=\"Are you a real estate agent looking to incorporate their business in Ontario? 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