BC REALTORS FORM INCORPORATIONS

Today the provincial government announced the passing of legislation that will allow us to form personal corporation, finally after years of lobbying we will have the same tax advantages as dentists, lawyers and others.  While this option is not for everyone, REALTORS that consistently earn in excess of $150,000 per year and have a spouse with little or no taxable earnings should consider incorporation (ask an expert).  NOTE: This will not absolve you of legal liabilities as a practitioner.

Amendments to the Real Estate Services Act (RESA) that allow individual real estate licensees to form Personal Real Estate Corporations were approved on January 16, 2008 and will go into effect on January 1, 2009.