Representatives from RAHB’s Government Relations Committee will be meeting with local MPPs in early April to ask for support for an amendment to REBBA 2002 which would allow real estate salespeople to incorporate.
A study by the Centre for Spatial Economics found that Personal Real Estate Corporations (PRECs) will have a small but positive impact on Ontario’s economy. The study found incorporation would increase provincial revenue by $0.8 million to $2 million annually, and would increase Ontario’s GDP by an average $9 to $25 million annually. In addition, PRECs will create 33 to 89 new jobs per year.
In Ontario, other regulated professionals such as chartered accountants, lawyers, health professionals, social workers, mortgage brokers, insurance agents and others can form personal corporations. Since 2008, B.C., Quebec, Manitoba, Saskatchewan and Nova Scotia have all moved to allow real estate salespeople to incorporate.
Our Government Relations representatives will be asking MPPS to amend the legislation and treat Ontario REALTORS® more fairly.