BCREA to PRECs: Help us, help you

From the day the federal government announced its intention to remove several tax benefits enjoyed by private corporations, many doctors, farmers, consultants and family-run businesses raised an outcry across the country.

Though the Liberals campaigned on eliminating tax loopholes for higher income Canadians, it came as a surprise this summer when the government announced their intention to remove mechanisms that have long allowed income splitting, tax deferrals, multiple capital gains exemptions, and the conversion of income into capital gains. Many of those affected argue that these mechanisms are essential in helping their businesses survive and boost their health and pension funds.

Realtors who have been established as Personal Real Estate Corporations (PREC) could be significantly impacted by the changes and so CREA and BCREA are actively working to voice their concerns in the public consultation process of Finance Canada. The submission deadline for that consultation is only weeks away — October 2, 2017.

To address the issue effectively and represent its members accurately, BCREA is appealing to PREC owners to take a short anonymous survey whose answers will help BCREA prepare for its submission to the government consultation process. The survey remains open until Friday, September 22.  If you have any additional comments to make regarding Personal Real Estate Corporations, contact BCREA at bcrea@bcrea.bc.ca

FVREB will share the completed drafts of BCREA’s and CREA’s submissions with our members when they are available.