Incorporation will bring big tax benefits to Ontario realtors

for personal use, either through a salary or dividends. Today in Ontario, only brokerage firms can incorporate, or brokers paid a management fee – separate from sales commissions – for running a brokerage.

Tim Hudak, chief executive of the Ontario Real Estate Association, an independent professional organization that represents salespeople and brokers, said the change would allow professionals to invest more in staff and new technology, and make a greater contribution to the local economy. Andrew Zakharia, a small-business accountant and founder of AZ Accounting Firm in Toronto, said incorporating would provide “substantial savings” for some real estate agents, high-earners in particular.Incorporated professionals could defer as much as 41 per cent in taxes by leaving money in their corporation, or about $41,0000 for every $100,000 in profit. The estimate is based on the highest personal-tax rate in Ontario of 53.53 per cent and the lowest business tax rate of 12.

GlobeSmallBiz Yup. That is what they need. With loot they are looting from homeowners, they need a tax relief on top. How capitalistic of the govt. For The People = F**&K The People.

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

LIVE: Ont. education minister makes announcementWATCH LIVE: Ontario Education Minister Stephen Lecce makes an announcement: onpoli yawn Punchable face
Source: CTVNews - 🏆 1. / 99 Read more »

Prime Minister Trudeau to meet with Ontario Premier Ford today in OttawaPrime Minister Justin Trudeau will meet with Ontario Premier Doug Ford in Ottawa today. Ford should practise his newly learned French on Trudeau. Alpha male meets the beta male. Intelligence meets stupidity!
Source: CTVNews - 🏆 1. / 99 Read more »

This Ontario couple built a $3.56 million nest egg — but 80% of it is real estateThey could make more money with less risk in Canadian utility and bank stocks
Source: nationalpost - 🏆 10. / 80 Read more »

HuffPost is now a part of Verizon MediaPoor PM.
Source: HuffPostCanada - 🏆 61. / 53 Read more »

Ontario court strikes down policy allowing students to opt out of feesStudent Choice Initiative gave students the right to withdraw funding for services or groups deemed non-essential, such as student unions, campus media, clubs or food banks Yet another policy set back for Dug Odd I don’t know a single student who was unhappy with the fact they no longer had to pay for things they never use or had no interest in. Students (sorry parents) have a right to opt out of additional charities that they were forced to pay into. I saved $200 this semester (still opted into student clubs) but not paying for black student assoc, LGBTQ assoc etc etc - it should be a choice and illegal to force!
Source: globeandmail - 🏆 5. / 92 Read more »