Bill 188 explained in plain English
Tax Fairness for Realtors Act, 2014
Ontario legislature bill summary, status, timeline, sponsor, votes, and official sources.
At a glance
Official Legislative Assembly of Ontario snapshot for 40th Parliament, 2nd Session. Representative vote breakdowns appear when the Assembly publishes an Ayes and Nays page for the bill.
Our plain-language take, written for civic education.
Source: By PoliticalData.ca
The Tax Fairness for Realtors Act, 2014 amends the Real Estate and Business Brokers Act, 2002 to allow real estate brokerages to pay commissions to personal corporations owned by their brokers or salespersons under specific ownership conditions.
This bill, the Tax Fairness for Realtors Act, 2014, amends the Real Estate and Business Brokers Act, 2002. It changes the rules about when a real estate brokerage can pay commissions or other payments to a corporation that is owned by a broker or salesperson employed by that brokerage. Previously, such payments were restricted. This bill allows payments to a personal corporation if certain conditions are met, including that the broker or salesperson owns all the equity shares of that corporation, and that all non-equity shares are also owned by them, their immediate family, or a related corporation.
- Amends the Real Estate and Business Brokers Act, 2002 to change the conditions under which a brokerage can pay commissions or other remuneration to a personal corporation of a broker or salesperson it employs.
- Specifies that a brokerage may pay a commission or remuneration to a personal corporation if that corporation is wholly owned by a broker or salesperson (or their immediate family or related corporations) and meets certain equity and non-equity share ownership criteria.
- Real estate brokerages in Ontario
- Real estate brokers and salespersons in Ontario
- Personal corporations owned by real estate brokers or salespersons
- A real estate brokerage may pay commission or remuneration to a personal corporation of an employed broker or salesperson if that person owns all equity shares, and all non-equity shares are owned by that person, their immediate family, or a corporation wholly owned by them or their immediate family.
- Existing restrictions on paying commissions to personal corporations are replaced by these new conditions.
- The Act came into force on the day it received Royal Assent.
- Allows brokerages to pay commissions and remuneration to personal corporations, which may have tax implications for the individuals and corporations involved, though specific tax consequences are not detailed in the bill.
- The bill text does not specify enforcement mechanisms or penalties related to these changes.
- The bill does not detail the specific tax implications for individuals or corporations.
- The bill does not define 'immediate family' for the purpose of ownership requirements.
- The bill does not specify penalties for non-compliance with the new payment conditions.
Changes rules about when a real estate brokerage can pay commissions or other remuneration to a personal corporation owned by a broker or salesperson employed by the brokerage.
Source: Section 1
Removes the existing wording of clause 30 (c) and replaces it with new wording that permits payments to a personal corporation under specific ownership conditions.
Source: Section 1
Generated using AI from official bill text. Not legal advice. It is written by PoliticalData.ca for civic education, automatically checked and spot-reviewed before publishing.
Official textProcess Snapshot
Vote Summary
This bill is still active. We only show vote counts after the legislature publishes a recorded division.
No published representative vote breakdown
This bill is still moving through the process. When a recorded division is published, representative positions can be listed here.
Official sources
Status, sponsor, votes, and timeline on this page are drawn from these official legislative sources and public records. Each summary above is attributed to its own source.
How this data is sourced