PREC1
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The document discusses the Personal Real Estate Corporations (PREC) allowed by the Real Estate Council of British Columbia for individual real estate licensees. Some key things to consider before forming a PREC include future plans in real estate, sustainable income, and business expansion. While there are additional costs and restrictions that come with a PREC, advantages include added client trust, opportunities for higher revenue due to lower corporate tax rates, and income splitting. The document recommends that realtors form a PREC if they believe their real estate income will remain strong, as the tax benefits outweigh the disadvantages.
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PREC1
- 1. PREC: The Personal Real Estate Corporations in British Columbia Introduction: The Real Estate Council of British Columbia (RECBC) has allowed individual real estate licensees to incorporate Personal Real Estate Corporation (PREC). Now the individual sales representatives licensed under the British Columbia Real Estate Council can take advantage of the corporate tax structure. Things to consider before considering for a PREC: 1. Future continuance in real estate profession 2. Sustainability of income from real estate profession 3. Possible expansion of business 4. Time management 5. Affordability to additional costs and fees Disadvantages of a PREC 1) Two sets of licensing fees, E&O fees, and Compensation Fund fees every two years 2) Higher accounting fees 3) Some legal fees 4) More documentation and filings 5) RECBC restricts PREC to providing real estate services and those services which are subordinate to, and exist to support, real estate services 6) Holding of real estate for rental or development purposes is not allowed 7) Restrictions of holding of a PREC’s voting shares to one licensee Advantages of a PREC 1) Added client confidence, trust and believe 2) Opportunity for higher business and revenue 3) Low corporate tax rate CCPCs 4) income splitting opportunities 5) A holding company can be inserted into the entire structure to allow for the tax free transfer of the PREC’s retained earnings to another corporation where the funds can be used for investments including real estate development. Summary and Recommendations If you as a realtor believe that your income from real estate profession will continue to be as strong as the current year, forming a PREC allows for great tax benefits. The advantages are many in comparison to disadvantages. Firoze Shaik & Associates,Chartered Professional Accountant with two offices to service you in Lower Mainland can answer all yourquestions you might have in relation to PREC.