Bill 188 2014

An Act to amend the Real Estate and Business Brokers Act, 2002

Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:

   1.  Clause 30 (c) of the Real Estate and Business Brokers Act, 2002 is repealed and the following substituted:

   (c)  pay any commission or other remuneration to,

           (i)  a person referred to in clause (a) or (b), or

          (ii)  a corporation in which a broker or salesperson employed by the brokerage owns equity shares unless,

                 (A)  that person owns all of the equity shares in the corporation, and

                 (B)  all of the non-equity shares, if any, in the corporation are owned by that person, the members of the immediate family of that person or a corporation of which all of the equity shares are owned by that person or the members of the immediate family of that person.

Commencement

   2.  This Act comes into force on the day it receives Royal Assent.

Short title

   3.  The short title of this Act is the Tax Fairness for Realtors Act, 2014.

EXPLANATORY NOTE

The Bill amends the Real Estate and Business Brokers Act, 2002 to permit a brokerage to pay commission or other remuneration to a personal corporation of a broker or salesperson that it employs.