President Biden’s Made in America tax plan aims to strengthen the US economy. What are its implications for Canadian and international businesses in the US?
Family trusts offer business owners plenty of benefits. To get the most out of your trust, it’s important to manage it effectively.
A Personal Real Estate Corporation (PREC) is a personal corporation that real estate agents and brokers can establish. Jaclyn Cairns, Senior Manager, Tax, presents the important points you need to know in order to determine if a PREC is right for you.
When setting up your PREC, ensure you know the differences between being an independent contractor and qualifying as a PSB in order to avoid higher tax rates.
Now that real estate agents are able to set up a PREC, it's important to understand the difference between passive and active income.
Ontario’s real estate professionals can incorporate by setting up a PREC. However, it’s important to understand the different structures and their benefits.
With the passing of legislation for Bill 145, it’s now possible for realtors in Ontario to establish a Personal Real Estate Corporation (PREC).
The benefits of incorporation can be considerable, including the opportunity to defer up to 40 percent in personal taxes. To maximize those benefits, however, there are some traps you’ll need to avoid. Here are five key steps you can take to get it right.