Personal Real Estate Incorporation in Ontario

INCORPORATE YOUR PERSONAL
REAL ESTATE CORPORATION (PREC)

INCORPORATE A PERSONAL
REAL ESTATE CORP.
(PREC)

Done Right by Business Lawyers

Lawyer is Hands On
Job Done Today

  • Work with an Incorporation Lawyer from start to finish
  • Legal advice and guidance throughout the process
  • Includes all filing fees and corporate organizational documents
  • Efficient online process and quick turnaround times
  • With pricing comparable to the “Do-it-Yourself” online services
Personal Service & Advice
All Inclusive Packages
Easy Process by Phone/Email

Matthew Ordower, Lawyer
Find out more about us.

“We’ve helped many people incorporate in Ontario. If you have questions or need advice, feel free to call or email us. We offer a free 30 minute consultation.”

PERSONAL REAL ESTATE CORPORATIONS
$799 All Inclusive Pricing

OUR PACKAGE INCLUDES

PERSONAL
REAL ESTATE
CORPORATIONS

$799
All Inclusive

Our Package Includes

  • Electronic Minute Book
  • Articles & Certificate of Incorporation
  • Corporate By-Laws
  • Director & Shareholder Resolutions
  • Share Subscription & Share Certificates
  • Registers & Ledgers
  • E-signing with Docusign
  • – Electronic Minute Book
  • – Articles & Certificate of Incorporation
  • – Supplemental Agreement
  • – RECO Registrar Notification
  • – Corporate By-Laws
  • – Director & Shareholder Resolutions
  • – Share Subscription & Share Certificates
  • – Registers & Ledgers
  • – Government Filing Fee
  • – 3rd Party Fees Disbursements
  • – Nuans Name Search
  • – Business Number/Tax Accounts
  • – Form 1 Initial Return filing
  • – Legal Advice and Consultation
  • – E-signing with Docusign
  • Government Filing Fees
  • 3rd Party Fees Disbursements
  • Nuans Name Search
  • CRA Business Number/Tax Accounts
  • Form 1 Initial Return filing
  • RECO Notification & Supplemental Agreement
  • Legal Advice and Consultation
  • review rating 5  Matthew and his team are absolutely fantastic! Professional and responsive, they helped to complete the entire process of incorporating in less than 8 hours. They have done a very thorough job and advised on all relevant options. After incorporating, they have helped to resolve issues with opening a business account at my bank and even suggested to argue my case with the branch manager. I wouldn't hesitate to recommend Ordorwer Law to friends and family for incorporating their businesses.

    thumb John Smith
    2/26/2019
  • review rating 5  It was really a pleasure dealing with Matthew and Jana. They were very professional, courteous and knowledgeable. Jana was extremely helpful in making sure that I understood various requirements and followed up a couple of times. I would strongly recommend Ordower Law.

    thumb Alick Fernandes
    7/02/2020
  • review rating 5  Mr. Ordower was professional and fair. Sarah Also did a fantastic job. They gave me the piece of mind I needed and moved quickly!

    thumb Kevin O'Boyle
    6/05/2018
  • review rating 5  If you’re looking to incorporate you came to the right place. Service, price and knowledge exceeded all expectations. Jana and Matthew were an absolute pleasure to work with and I highly recommend them to anyone looking to incorporate a business. I’d give them 6 stars if it was possible.

    thumb Andrews McBride
    1/26/2019
  • review rating 5  Matthew and Jana went the extra mile for us - we incorporated federally very quickly. Pain free navigation through the whole process and a specially worded indemnity agreement which suits us down to the ground - all very good value for money. I wholeheartedly recommend them!

    thumb Adrian Bowker
    6/26/2018
  • review rating 5  I needed to incorporate on short notice and was recommended by a friend to contact Ordower. When I first reached out they got back to me right away and their service and expertise was excellent. They walk you thru what you need to know and they worked incredibly fast to get me up and running. In addition their follow up with other recommendations such as banking and insurance solutions were excellent.

    thumb don bruce
    5/12/2020
  • review rating 5  Matthew called me within an hour of my inquiry. He made me feel very comfortable with the whole process and briefly discussed my best options, how much it would cost and how long it would take. After conveniently e-transferring the fee, Jana called me within minutes to get a better understanding of how I wanted to structure my business. She was very friendly, relatable, knowledgeable and helpful. Overall, this experience took a daunting task and made it quick, easy and hassle free. Thanks guys!

    thumb Grandeur Zealous
    7/07/2018
  • review rating 5  I received my Inc. documents earlier than the stated website timeline, and was able to send the articles of incorporation to the Franchise the next day. Service was above my expectations. I am only 3 days in, but this service is the modern and efficient way to open a numbered company. And did I say, half price plus of conventional method.

    thumb Morgan Smith
    4/05/2019
  • review rating 5  Opening a corporation is a big step and Jana Lambert of Ordower Law made it so easy. She was not only very knowledgeable and professional, she demonstrated how much she cared about us as she walked us through the process step by step. Her advice was so very helpful helping us plan for the future and she also showed us how to save money by cutting unnecessary costs. Once all the relevant information was obtained our company was incorporated within a few short hours. Thank you to you and your team for doing a truly phenomenal job!

    thumb Sandra Scioscia
    4/10/2019
  • review rating 5  I was being helped by Matthew and I am extremely satisfied with his work. He is very responsive, helpful, and supportive. I needed an incorporation service and I could not recommend this firm more. I will definitely bring my business back to them in the future.

    thumb Dom Mazzuca
    7/06/2020

SOME FAQ’S ABOUT INCORPORATION

What are the tax advantages of incorporating a PREC?

The main tax advantages of incorporating a PREC is that your remuneration will be paid to the corporation and not you personally for tax purposes.  And, your PREC will be eligible for the small business deduction on that income:

The small business deduction effectively lowers your corporate tax rate to about 12.5% on the first $500,000 that your company makes each year. It’s available on your active business income only (not income from passive investments) and is available to Canadian Controlled Private Companies (referred to as CCPC’s). Keep in mind that this is a deferral only meaning that once you pull money out of your company it becomes your personal income and is taxed at the marginal tax rates on your T1 return. To the extent that you can leave the earnings in the company, the deferral “lives” and you can use the additional money to grow and invest in your business.

There may be other tax benefits and you can always consult an accountant. If you need a referral to an accountant in your area, just let us know.

Can I use my PREC for business other than real estate?

There are no restrictions on the business the PREC may carry on except the following: Your PREC cannot carry on the business of trading in real estate other than providing the services of its controlling shareholder to a brokerage, which it may do only if all of the criteria and conditions prescribed by the Real Estate and Business Brokers Act, 2002 (Ontario) and its regulations for personal real estate corporations are satisfied.

What are the criteria for your corporation to be considered a PREC?

1. The corporation is incorporated or continued under the Ontario Business Corporations Act.
2. All of the equity shares of the corporation are owned, directly or indirectly, by the controlling shareholder.  The controlling shareholder is the individual employed by the brokerage as a salesperson. Directly or Indirectly means that holding companies meeting certain criteria may be used.
3. The sole director of the corporation is the controlling shareholder.
4. The president, being the sole officer of the corporation, is the controlling shareholder.
5. Each non-equity share of the corporation is owned by the controlling shareholder or a permitted family member or permitted trust.
6. The controlling shareholder controls the business and affairs of the corporation and no written agreement changes that.

What conditions apply for your PREC to be exempt from registration?

The following conditions are prescribed for the purposes of  the Real Estate and Business Brokers Act, 2002.  These conditions are detailed and we are providing a brief summary only:
1. The controlling shareholder is employed by a brokerage to trade in real estate.
2. The PREC does not carry on the business of trading in real estate other than providing the services of its controlling shareholder to the brokerage.
3. You cannot represent to the public that you trade in real estate.
4. The PREC is not a brokerage.
5. Only the brokerage pays the PREC for trading in real estate, no other person.
6. The PREC does not hold funds in trust in connection with a real estate deal.
7. There is a written agreement between the PREC, the controlling shareholder and the brokerage governing the relationship between the brokerage and the corporation and its controlling shareholder and setting out certain specified matters such non-obstruction, cooperation and assistance.

How long does it take to incorporate?

For Ontario corporations, the entire process can be completed within 2-3 business hours. That’s because the incorporation documents are filed automatically.

Get in touch with us!

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Ordower Law Professional Corporation

2 St. Clair Avenue West, 18th Floor

Toronto, ON

M4V 1L5