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Sean Caulfeild Real Estate

Home
Canada
Ottawa, ON
Sean Caulfeild Real Estate

25+ years of legal and private enterprise experience. Specialized in Real Estate and Corporate law. Established entrepreneur. Attorney advertising.

Prior results do not guarantee a similar outcome.

07/15/2022

Top Ten Reasons to own a PREC
Reason Number 1 - Prestige

The widespread respect and esteem felt for you based on your achievement- you are a Professional Corporation. You have a credential that tells the world you are qualified and committed.

“We incorporate real estate professionals across Ontario. Email us with your questions or book a free 30-minute consultation.”

07/14/2022

Top Ten Reasons to own a PREC
Reason Number 2 - Lower Income Tax Rates
In Ontario, the corporate tax rate for 2020 is 12.2% on the first $500,000 of active business income (real estate commissions), and then taxed at the general corporate tax rate of 26.5% for business income over $500,000. In contrast, in 2020, the lowest personal tax rate for a sole proprietor is 20.05%, and the highest is 53.53% on any income earned over $220,000. For those agents and brokers that earn net incomes that cover their living costs, the opportunity is there to reduce their tax rates by incorporating their businesses.

“We incorporate real estate professionals across Ontario. Email us with your questions or book a free 30-minute consultation.”

07/13/2022

Top Ten Reasons to own a PREC
Reason Number 3 - Limited Liability
The shareholders of a professional corporation are generally protected from the financial liabilities of the corporation. The protection exists because a company is a separate legal entity from its owners and the company has the sole responsible for its debts and obligations. However, this is not the same for a sole proprietor who assumes personal liability for the business’s debts and obligations. In essence, the professional corporation acts as a shield against personal liability on the parts of the business owners. You will remain personally liable for the services you provide to Ontario’s consumers and will be held accountable by RECO for breaches of TRESA and misconduct

“We incorporate real estate professionals across Ontario. Email us with your questions or book a free 30-minute consultation.”

07/12/2022

Top Ten Reasons to own a PREC
Reason Number 4 - Asset Protection

If a real estate agent or broker carries on their business as a sole proprietor, and the business incurs a loss or debt that cannot be paid from the profits of the business, then any of the agent’s or broker’s personal assets (house or car) may be seized to satisfy a judgement or court order. On the flip side, the shareholders of a professional corporation are generally shielded from the business’s losses or debts.

“We incorporate real estate professionals across Ontario. Email us with your questions or book a free 30-minute consultation.”

07/11/2022

Top Ten Reasons to own a PREC
Reason Number 5 - Distribute Income to Family Members

You can issue non-equity/non-voting shares in your PREC to only your family members (parent, spouse, children), and this opens the door to exploring the tax saving technique of income splitting. Before considering this option, it is critical to consult with a tax professional to ensure compliance with the CRA split income rules (TOSI).

“We incorporate real estate professionals across Ontario. Email us with your questions or book a free 30-minute consultation.”

07/11/2022

Top Ten Reasons to own a PREC
Reason Number 6 - Deferred Taxes and Retirement Income

If a PREC can retain or invest its excess income inside the corporation to grow over time, then the possibility is there for you to withdraw this money held in the corporation during retirement- a time when there is likely less income, and you pay taxes at a lower marginal tax rate as compared to your non-retirement years. Important to note PREC’s have investment restrictions on what can be held within the professional corporation.

“We incorporate real estate professionals across Ontario. Email us with your questions or book a free 30-minute consultation.”

07/09/2022

Top Ten Reasons to own a PREC
Reason Number 7 - No Dual Registration

You do not need a professional registration/license for yourself and a second one for your PREC. If set up properly, and your PREC complies with the standards, then you do not need to register the PREC under the Trust in Real Estate Services Act, 2020 (TRESA). The PREC will not need to incur the additional costs and administrative burden of being separately registered.

“We incorporate real estate professionals across Ontario. Email us with your questions or book a free 30-minute consultation.”

07/08/2022

Top Ten Reasons to own a PREC
Reason Number 8 - Perpetual Existence

If you considering passing your business on to a family member (must first be RECO registered as a real estate salesperson or broker), then a PREC can facilitate a succession plan to your family member. You can create a legacy business.

“We incorporate real estate professionals across Ontario. Email us with your questions or book a free 30-minute consultation.”

07/07/2022

Top Ten Reasons to own a PREC
Reason Number 9 - Sale of the Business

Are you considering selling your business? Your PREC is a separate legal entity, and under limited circumstances, can be bought and sold to a real estate salesperson or broker registered with RECO.

“We incorporate real estate professionals across Ontario. Email us with your questions or book a free 30-minute consultation.”

07/06/2022

Top 10 Reasons to own a PREC

Reason Number 10 - Enhanced Deductible Expenses

If you are sole proprietor incurring $6,000 per year in meal and entertainment expenses, then the 50 per cent deduction limitation on these expenses means you pay $1,600 in additional tax (53.53%). If these same expenses were incurred through the PREC, then the additional tax is reduced to $375 (12.5%). The same tax treatment may apply to claiming the expenses of incorporating your business, real estate courses, professional fees, and vehicle expenses. A tax professional needs to be consulted to ensure the expenses qualify for deductions and to apply the proper tax rate.

“We incorporate real estate professionals across Ontario. Email us with your questions or book a free 30-minute consultation.”

Address

340 March Road, Suite 300
Ottawa, ON
K2K2E4

Opening Hours

Monday	8am - 6pm
Tuesday	8am - 6pm
Wednesday	8am - 6pm
Thursday	8am - 6pm
Friday	8am - 6pm
Saturday	10am - 2pm

Website

https://linktr.ee/seancaulfeild

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