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AZ Accounting Save Tax

17 Jun Pros and Cons of a PREC

PRO:    Once you incorporate, your brokerage will pay your commissions to your corporation and not to you personally as a Sole Proprietor.  Your business profits are taxed at a corporate rate of 12.2% rather than a higher personal tax rate. PRO:    A PREC will allow you...

14 Jun Professional Real Estate Corporation

INCORPORATE A PERSONAL REAL ESTATE CORPORATION (PREC) What is a PREC? With the passing of Bill 145 in Ontario, real estate professionals are now able to incorporate by setting up a “Personal Real Estate Corporation” or PREC.  This means real estate agents will be able to reduce...

23 Nov New T4 Slip Requirements for 2020

As a result of the Government response to COVID-19, Canada Revenue Agency (CRA) has announced additional reporting requirements for T4 slips. This measure will assist the CRA validate payments related to COVID-19 response programs, including Canada Emergency Wage Subsidy (CEWS), the Canada Emergency Response...