If you are either of the following, there is much to learn about the Canadian Taxation system and what it can offer to you.
1. Real-Estate Agent - Personal Real Estate Corporations (“PRECs”)
In March 2020, incorporation for realtors became an opportunity. In essence, all real estate agents can choose to run their practice as a corporation which is considered a separate legal entity by the law. PRECs allow REALTORS® to access the business advantages of incorporation, including tax and income planning benefits.
This gives rise to many questions:
How do I incorporate my real estate practice?
Is a PREC right for me and my business?
Using a PREC, which business expenses are allowable for full or partial deduction?
How should my PREC pay me? Salary or Dividends?
What does my after tax cash flow look like under each option?
Let’s discuss whether a PREC is right for you. With Skyport’s dedicated team of Real Estate Accountants we can ensure you are structuring your business right to maximize your earnings.
2. An investor in the Canadian Real Estate
Here are a few things we can help you understand better. Our team will help you through your tax planning to ensure you are saving as much as possible on your taxes.
