Bill 69 explained in plain English
Tax Fairness for Realtors Act, 2015
Ontario legislature bill summary, status, timeline, sponsor, votes, and official sources.
At a glance
Official Legislative Assembly of Ontario snapshot for 41st Parliament, 1st 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, 2015, enables registered real estate brokers and salespersons in Ontario to operate through a "personal real estate corporation" and allows brokerages to pay these corporations.
This Act, called the Tax Fairness for Realtors Act, 2015, makes changes to Ontario's laws concerning corporations and real estate trading. It allows individuals who are real estate brokers or salespersons to operate through a "personal real estate corporation." This type of corporation must be set up as a professional corporation under the Business Corporations Act and can only be involved in trading real estate. The Act also permits real estate brokerages to pay commissions or other payments to these personal real estate corporations.
- Allows individuals registered as real estate brokers or salespersons to operate through a "personal real estate corporation."
- Defines the conditions that a "personal real estate corporation" must meet, including ownership of shares and business activities.
- Permits real estate brokerages to pay commissions and other remuneration to personal real estate corporations of their employed brokers or salespersons.
- Amends the Business Corporations Act and the Real Estate and Business Brokers Act, 2002.
- Individuals registered as real estate brokers in Ontario.
- Individuals registered as real estate salespersons in Ontario.
- Real estate brokerages operating in Ontario.
- Corporations operating as personal real estate corporations.
- A personal real estate corporation must be incorporated as a professional corporation under the Business Corporations Act.
- A personal real estate corporation is only authorized to trade in real estate.
- Conditions for ownership of shares in a personal real estate corporation are outlined.
- The name of a personal real estate corporation must include specific terms and comply with regulations.
- A corporation that ceases to be a personal real estate corporation must change its name.
- Brokerages are permitted to pay commissions to personal real estate corporations.
- The Act came into force on the day it received Royal Assent.
- The Act permits brokerages to pay commissions and other remuneration to personal real estate corporations, which may have financial and tax implications for the individuals involved and the corporations.
- The bill text does not explicitly detail new penalties but amends existing laws which may have associated penalties for non-compliance.
- The specific "rules respecting the names of personal real estate corporations set out in the regulations" are not detailed in this Act.
- The "prescribed qualifications" for brokers and salespersons to be registered or for the owners of equity shares are not detailed within this Act but are referenced as being set out elsewhere (likely in regulations).
Amends provisions related to professional corporations to accommodate the definition and requirements of a personal real estate corporation.
Source: Section 1
Amends definitions of "broker" and "salesperson" to include personal real estate corporations that meet specific conditions. Also amends sections to allow brokerages to pay commissions to these corporations and defines the conditions for a personal real estate corporation.
Source: Sections 3 and 4
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