Prince Edward-Hastings MPP Todd Smith is reintroducing his real estate bill in an effort to help Ontario realtors incorporate.
On Wednesday, MPP Smith introduced his Tax Fairness for Realtors Act for the third time at Queen’s Park aiming to give realtors the same ability to incorporate as lawyers, financial advisors and accountants.
“Realtors are pillars of their community,” MPP Smith said in a statement to the House on Thursday. “When I’m at a special event in Picton or a hospice gala in Bancroft, realtors are not just in attendance; their brokerages have usually sponsored the events, or they’re using their Rolodex to make sure people are buying tickets.”
Other provinces including British Columbia, Alberta and Quebec already allow realtors to incorporate. Recent studies have shown the change will come at no cost to the provincial treasury and will actually result in a small bump for Ontario’s GDP.
“Personal incorporations are an important tool that allows small business owners to retain more pre-tax income.” Smith added in his statement. “Other professionals in Ontario are allowed to incorporate, including chartered accountants, lawyers, health professionals, social workers and mortgage brokers. By giving realtors the same ability, some of the money will go into their business but a lot of it will end up going back into the community.”
The Bill will receive second reading on March 23 and is co-sponsored by Liberal and NDP Members of the House.