At Constellation1, we pride ourselves on always being prepared. The recent amendments to the Ontario Real Estate and Business Brokers Act, 2002 (REBBA) are no exception!
On October 1, 2020, the Ontario government amended REBBA, which will soon be renamed the Trust in Real Estate Services Act, 2020, or TRESA. These changes implement new rules allowing REALTORS® and other real estate professionals to form Personal Real Estate Corporations (PRECs) to conduct their business and pay themselves in the province. PRECs allow REALTORS® to access the business advantages of incorporation, including tax and income planning benefits.
For more information, the Ontario Real Estate Association (OREA) has published a library of resources to support its members who want to learn more or who may be interested in forming their own PREC. Those resources can be accessed on OREA’s website here.
At Constellation1, we ensure our solutions are always up to date with all relevant regulatory changes so you can do business with confidence. Our Showings and Commissions applications support this new legislation, allowing you to support your REALTORS®, no matter how they choose to do business. Your account manager is available to answer any questions you might have.