Tax Fairness for Realtors Act, 2014 Smith, Todd — Bill 188 (40th Parliament, 2nd Session)

Bill 188, 40-2

Ontario — Bills

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Bill 188, Tax Fairness for Realtors Act, 2014

Smith, Todd

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Acts affected

Original

[40] Bill 188 Original (PDF)

Bill 188 2014

Act to amend the Real Estate and Business Brokers Act, 2002

Her

Majesty, by and with the advice and consent of the Legislative Assembly of the

Province of Ontario, enacts as follows:

1. Clause

30 (

c) of the Real Estate and Business Brokers Act, 2002

is repealed and the following substituted:

(

c) pay

any commission or other remuneration to,

(

i) a

person referred to in clause (

a) or (b), or

(ii) a

corporation in which a broker or salesperson employed by the brokerage owns

equity shares unless,

(

A) that person owns all of the equity

shares in the corporation, and

(

B) all of the non-equity shares, if

any, in the corporation are owned by that person, the members of the immediate

family of that person or a corporation of which all of the equity shares are

owned by that person or the members of the immediate family of that person.

Commencement

2. This

Act comes into force on the day it receives Royal Assent.

Short

title

3. The

short title of this Act is the Tax Fairness for Realtors

Act, 2014 .

EXPLANATORY

NOTE

The

Bill amends the Real Estate and Business Brokers Act, 2002

to permit a brokerage to pay commission or other remuneration to a personal

corporation of a broker or salesperson that it employs.

Date Bill stage Activity Committee

April 10, 2014

First Reading

Carried

Debates and Progress

First Reading

April 10, 2014

Committee

Second Reading

Committee

Third Reading

Royal Assent

Acts affected - Bill 188

Most Ontario public acts are available electronically; to view copies of the Acts to be amended by this bill visit e-laws

Real Estate and Business Brokers Act, 2002

Legislative Assembly of Ontario

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Document details

Collection	Ontario — Bills
Citation	Bill 188, 40-2
Type	bill
Volume / chapter	p40 s2 bill 188 html
Language	en
Format	html
Source	PROVINCIAL
Identifier	818c7da015d8e995c9b4cac34e4e9e685de2288f

Source file is stored in the law ingest library (html).