PRESTON CLARK McLEOD Lawyers & Notaries |
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#302 - 2695 Granville Street Phone: (604) 736-6717 |
Archive:
B.C. Assessment changes affect owners
Preston Clark McLeod provides further corporate commercial services
Preston Clark McLeod launches new website
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CURRENT NEWS
As of January 1, 2009 individual realtors in BC can incorporate so that their commissions can be paid to their Personal Real Estate Corporation (PREC). The realtors spouse and children or a family trust can be shareholders of the PREC, which may allow for income splitting and tax savings. Given the fluctuating nature of real estate markets a PREC may allow realtors to “even out “ their income for tax purposes by retaining funds in the PREC. Realtors should discuss the issue with their accountant, and be familiar with the strict rules regarding setting up and maintaining a PREC. Please review the guidelines for PRECs, which can be found at http://www.recbc.ca/licensing/prec.htm BC Companies no longer required to file Extra-provincial Annual Reports in Alberta As of April 27, 2009, BC Registry Services implemented provisions of the Trade, Investment, and Labour Mobility Agreement that allows British Columbia companies, limited partnerships, limited liability partnerships and cooperative associations to submit information for extra-provincial registration of those entities in Alberta by way of the BC Registry Services office. The requirement for filing of annual reports in Alberta is eliminated. For additional information go to http://www.fin.gov.bc.ca/registries/corppg/tilma.htm
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