Canada:
Update: Realtors, Treat Yourselves Fairly
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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.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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