Dear Board Leaders,
Today, MPP Bob Bailey will bring forward his Private Members Bill for Second Reading debate – Bill 38, the Tax Fairness for Real Estate Professionals Act, 2018.
If passed, this Bill would permit personal real estate corporations (PRECs) in Ontario.
I’m proud to say that we will have over 60 REALTORS® in the gallery today at Queen’s Park supporting this Bill. Thank you to everyone who took time out of their busy schedules to support your fellow REALTORS®.
A similar Bill to Bill 38 has been tabled in the Ontario Legislature before. MPP Todd Smith was the original champion of this issue in the 40th and 41st Parliaments.
With support of MPPs from all three Parties, Bill 104 passed Second Reading unanimously. Unfortunately, the Bill did not get to Third Reading before the election.
If Bill 38 passes today, we will be one step closer to PRECs in Ontario. It will still need to go through Committee and then back into the Legislature for Third Reading before it can become law.
We need your help to make that happen. Here’s two things you can do right now:
- Go to RealtorTaxFairness.ca and share one of the social media posts at the bottom of the page acknowledging MPP Bob Bailey and MPP Todd Smith.
- Attend our Ontario REALTOR® Party Conference. We are going to be asking MPPs for their support on Bill 38. If you haven’t already register for the conference here – https://rebportal.orea.com/
Thank you and email me with any questions.
Vice President, Public Relations & Communications
Ontario Real Estate Association
One thought on “Tax Fairness for Real Estate Professionals”
So it looks like the second reading was carried and this is going to the Standing Committee next? If that’s the case when does that occur?