Introduction
Incorporating enables individuals in various industries to
employ business advantages that were previously only available to
more standard business corporations. A Personal Real Estate
Corporation (PREC) gives real estate agents the ability to utilize
the benefits of incorporation. In 2008, British Columbia became the
first Canadian province to allow for the incorporation of real
estate agents. Since then, Quebec, Manitoba, Saskatchewan, Alberta,
and Nova Scotia have all moved to allow for the incorporation of
PRECs.
In Ontario, incorporation is afforded to many regulated
professionals including doctors, lawyers, architects, engineers and
accountants. Despite this, Ontario real estate agents are currently
prevented by the Real Estate and Business Brokers Act
(REBBA) from incorporating their businesses through a PREC. In
2008, Ontario legislation was first introduced to amend this
condition; however, the proposed legislation failed to pass.
Recently,
