MP’s Tax Fairness for Realtors Act passes second reading at Queen’s Park
Administrator | Mar 24, 2017 | Comments 7
MPP Smith with realtors from Quinte and Bancroft, at Queen’s Park.
The Tax Fairness for Realtors Act, designed to give Ontario realtors the same ability to personally incorporate, passed at second reading at the Legislature Thursday.
Prince Edward-Hastings MPP Todd Smith, the bill’s sponsor, said the bill gives realtors the same ability that many other professions – including lawyers, healthcare professionals, accountants, mortgage brokers, and financial advisors – already enjoy. Personal incorporations are an important tool that allows small business owners to retain more pre-tax income.
“In six other provinces, real estate agents are able to personally incorporate. There exists no reason that it has taken this long for Ontario to catch up,” said Smith who has introduced the bill three times since 2014. “Drawing the line where we currently have it not only seems unfair, but random.”
The bill had never before made it to debate, but on Thursday received support from all three parties and will go to the General Government Committee before coming back to the House for a third reading, then a final vote.
Though private members bills rarely become law, Smith is optimistic about Bill 104.
“Recent studies have shown the bill will have a positive impact of over $9 million on provincial GDP,” he said, noting the bill builds on British Columbia’s successful personal incorporation regime as a framework for Ontario’s.
“But the real question I get asked is, ‘Where is the money going to go?’ We can assess where it is going by where it has gone. Real estate agents invest in their communities to build their businesses – because their communities are their businesses,” he said, using as an example the work that local realtors do to help support local service clubs, charitable organizations and minor sports associations.
“I’m spoiled in my riding. In every community in it, real estate agents are core members of volunteer efforts, philanthropic efforts and civic efforts to make where they live a better place to live.”
Filed Under: Local News
Chuck,
Nothing wrong with people wanting to be rid of the Premier. Her unfettered arrogance and questionable ethics are enough reason for good people to want a change.
So.. The poor real estate sales people obviously need more write offs and more pre-tax income. Right. Obviously a pressing need. Way to go Todd! How about breaking apart their MLS monopoly? No? Not a priority? Riiight…
Michael, that just shows you how soon people forget.
Check the polls, Fred.
http://www.threehundredeight.com/p/ontario.html
Tories are 15 points ahead of the Liberals, on average. Smith won this riding last time with the Tories down by 6. The Liberals would need a new leader to even challenge around here
The problem I am having is that neither Smith nor any mews media has explained how real estate agents are currently being unfairly treated and just what does this bill do to make the system more fair for them? For me this is a non-issue – the only advantage that incorporation can do for them is to prevent them from being personally sued.(Please let me know if I am wrong about this.) What would be more meaningful is to see laws that prevent agents from manipulating their customers by setting up a price wars and house prices. Just how big of a problem are agents having in this province? I think Smith is fighting with windmills on this one. Why would a MPP decide to put forth a bill to protect real estate agents? Oh right, he’s a Tory.
He is now very vulnerable. Tories have to sweep rural Ontario to challenge the 905 Liberal strong hold. Our riding is now in the game as this MPP is wounded.
This is the best he can come up with after how many years at Queens Park