In our previous blog post titled "Realtors, treat yourselves fairly", we discussed Bill 145, Trust in Real Estate Services Act, 2019, which would provide realtors with the ability to incorporate a professional real estate corporation. Bill 145 received Royal Assent and has been made into law.
There is a lot of work required to be completed by the provincial government in terms of developing and implementing supporting regulations, and until this work is complete, the current rules will remain in place. The reformation of the legislation will strengthen consumer protection as well as professionalism in the real estate sector, and will provide opportunities to real estate professionals for effective tax planning strategies that were previously unavailable to them.
The full text of the legislation may be accessed here.
Originally published 08 July 2020.
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