The best time to protect your real estate partnership is when everyone still believes ‘we’ll figure it out as we go. When Two Friends Decide to Buy Investment Property Together David is the co-founder of a growing tech startup in Toronto. Mike runs a successful general contracting business across the GTA. They’ve been friends for...Read More
Everything you wanted to know about structuring your house-flipping business in Ontario but were afraid to ask (because you thought it might be boring). Spoiler alert: it’s not. Q: I’m flipping 2-3 houses a year. My neighbor says I need to incorporate. My brother-in-law says that’s overkill. My accountant just shrugged. Who’s right? A: Ah,...Read More
If you’re an incorporated realtor in Ontario, Alberta, or British Columbia, your PREC may be helping you save on taxes. But if you’re also using it to hold rental properties, deposits, or investment assets, you could be walking into a compliance and tax trap. The structure you choose today could affect your taxes, regulatory standing,...Read More
In a previous post, we shared a detailed checklist for real estate agents who have incorporated their business under a Professional Real Estate Corporation (PREC). In this article, we will delve into the expenses that real estate professionals can legally deduct. It’s important to know that these deductions are easy to understand and apply, and...Read More
Starting a business is full of questions, and one of the most important ones is whether or not to incorporate. It’s a decision many self-employed workers and entrepreneurs face, and with the right guidance, it can be the start of a successful journey. Incorporating your business can bring about numerous benefits that can help you...Read More
Now that you have a Personal Real Estate Corporation (PREC), it’s essential to understand that this is just the beginning of strategic tax planning. By considering all these factors, realtors can make informed decisions that will benefit their financial future. To truly maximize the benefits of incorporation and minimize your tax liability, it is crucial...Read More
