Real estate agents and brokers have historically been prohibited from carrying on their business through a corporation. But now Several provinces, including British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, Nova Scotia, and, most recently, Ontario, allow PRECs. Under the proposed regulations, individuals can incorporate and register their real estate service business to form a “personal real estate corporation” (PREC). What is a Personal Real Estate Corporation? A Personal Real Estate Corporation (PREC) is a corporation belonging to a single real estate salesperson, associate broker, or managing broker for the purpose of benefiting from the income and tax planning potential of a corporation. […]