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in si de ha lto n. co m O ak vi lle B ea ve r | T hu rs da y, S ep te m be r 9, 20 21 | 30 From A Legal Point ofView As of October 1, 2020, the Ontario Government introduced legislation permitting the formation of PRECs for real estate professionals, there by allowingrealtors toearn theirbusiness income through a corporation rather than personally. Incorporating a PREC can have numerous advantages for real estate professionals, largely with respect to tax planning. The main benefits are lower tax rates and tax deferral, which can be helpful for those who earn more per year than what they require to live. PRECs provide the opportunity to defer income tax payable by not withdrawing all profit out of your corporation in the same year it was earned. Income tax would then be payable at a corporate rate on the funds left in the PREC, which is much lower, and only payable personally to the extent that funds are withdrawn from the PREC. This is also helpful as part of retirement planning, in that funds left in the PREC can be withdrawn during retirement at a lower tax rate. Further, an additional tax benefit for some realtors is that income splitting can be achieved with family members who are actively engaged in the businessandthus,arepermittedtoown non-voting shares of the PREC. Seeking professional advice regarding incorporating a PREC is highly recommend. Please feel free to contact us if a PREC might be beneficial for your business. What is a Personal Real Estate Corporation ("PREC") and what are the advantages for real estate professionals? − ADVERTORIAL − Adrianna Inneo Real Estate Law ainneo@rossmcbride.com 905.526.9800 www.rossmcbride.com Long-time Oakville residents Giuseppe and Maria Amantea recently became great-great grandparents, with the birth of Ayla Menzies to parents Kristina Colonna-Menzies and John Menzies (holding new baby). Also pictured are Kristina's parents, Lillian Mastroieni-Colonna and Franco Colonna, and Franco Colonna's mother, Carmela Amantea-Colonna. Giuseppe and Maria also have 16 grandchildren and 32 great grandchildren. Frank Amantea photo SPECIAL CELEBRATION Here are some ques- tions as we get ready to vote on Sept. 20. Do you know how many years ago it was that the first survi- vors came forward about their experiences in the residential school system? Do you know how long ago it was that people first inhabited this land that we call "Canada"? How do you think the condition of the land has changed since we "discov- ered" this country, in rela- tion to how long it was in- habited beforehand? Have you ever had to worry about having clean water to drink? What does "true north strong and free" mean to you? And finally, do you truly believe in equal rights for all people? How do you practice this in your daily life? JEN KACZANOWSKI OAKVILLE LETTERS TO THE EDITOR INDIGENOUS PEOPLES FOCUS NEEDED FOR ELECTION I just wanted to thank you for your coverage of the affordable housing cri- sis in Halton. I'm in my early 30s, born and raised in Oakville, and currently living at home with my parents while I try to save up money to buy my own place. Almost every day, it seems, flyers arrive in our mailbox from realtors bragging about Oakville's high home prices. The flyers are obviously targeted towards home- owners looking to cash in, but they're insulting to those of us -- particularly Halton's youth -- who are not and increasingly will not ever be able to afford their own home. High prices might bene- fit some people in Halton, but they disenfranchise many others and jeopar- dize our future. MELISSA GISMONDI OAKVILLE RISING HOUSING PRICES INDEED A PROBLEM SIGN UP FOR OUR WEEKLY NEWSLETTER AT INSIDEHALTON.COM