Personal Real Estate Corporations
The Ontario government has introduced new and amended regulations to the Real Estate and Business Brokers Act, 2002 (REBBA) dealing with personal real estate corporations.
The legislation has been amended to permit a brokerage to pay remuneration (previously referenced in REBBA as commissions and other remuneration) owed to a salesperson or broker for trading in real estate to a corporation that meets specific criteria.
The corporation is referred to as a personal real estate corporation (PREC). A PREC is a corporation that a salesperson or broker may establish that is permitted to directly receive from a brokerage remuneration that is earned by the registrant. The new rules allow for, but do not require, the use of a PREC.
Right at Home Realty, Realtors may operate a PREC, however, an agent should consult with their accountant, lawyer or financial advisor to determine whether a PREC is beneficial to them before they incorporate.
If you would like to register your Personal Real Estate Corporation with Right at Home Realty, please contact your Branch Manager or Branch Admin for the registration package and process.
Right at Home Realty Inc., Brokerage
