Realtors, Taxes and Retirement – Bill 145

November 3, 2020

Realtors in Ontario can now incorporate and pay themselves through that corporation. Significant tax advantages can now accrue to essential professionals for all the risk assumed by self-employed, commission-based registered brokerages, brokers and salespeople.

Elements of the “Trust in Real Estate Services Act, 2020” will protect consumers and real estate professionals with strong rules and a competitive environment. On March 4, 2020 the Ontario Legislature’s Bill 145 received Royal Assent, bringing the law into force. Less than two weeks later the Premier effectively closed the province for business to protect Ontarians during the pandemic. After another twenty weeks passed, we are ready to resume more typical business activity.

Public consultation is included as specific regulations and the details of permitted actions are determined, but the bill is intended to:

Enable regulatory changes to improve the information consumers receive about what a real estate professional and brokerage must do for them, and that would give consumers more choice in the real estate purchase and sale process.
Improve professionalism among real estate professionals and brokerages by allowing for regulatory changes to enhance ethical requirements.
Update the Real Estate Council of Ontario's (RECO) regulatory powers, including allowing it to levy financial penalties (also known as administrative penalties) to promote compliance with the act — and allowing RECO's registrar to take into account a broader range of factors when considering eligibility for registration.
Create a stronger business environment by laying the foundation for allowing real estate professionals to incorporate and be paid through the corporation while maintaining measures that protect consumers, as well as by enabling the creation of a specialist certification program that may be developed by government or by RECO. (Source)

Realtors should review the potential of incorporating to explore ways to limit liability, reduce taxes, and increase income and savings. An experienced team can make this a turnkey solution for you by using your lawyer and accountant, or working with our Wealth Management professionals.

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Southwestern Ontario's Top Employers Award

Southwestern Ontario's Top Employer Award Winner

February 5, 2025

We are th rilled to announce Ward & Uptigrove was selected as a recipient of the Southwestern Ontario's Top Employers Award for 2025. The award is based on the following criteria: 1. Workplace, 2. Work Atmosphere and Social, 3. Health, Financial and Family Benefits, 4. Vacation and Time-Off, 5. Employee Communications, 6. Performance Management, 7. Training and Skills Development, 8. and Community Involvement! Here are some of the reasons why Ward & Uptigrove was selected as one of Southwestern Ontario's Top Employers (2025): Ward & Uptigrove increased its full-time workforce in Canada by over 13 per cent in the past year and lets everyone benefit in the company's success with profit-sharing -- the company also offers generous referral bonuses of up to $5,000 per successful candidate as an incentive for employees to recruit friends Ward & Uptigrove hosts three major social events each year, giving employees the opportunity to unwind and connect with food, beverage and entertainment covered by the firm's partners -- events include a post-tax season party (employees plus a guest), a fall golf tournament, and an annual holiday celebration Ward & Uptigrove matches employee donations in kind, and encourages them to lend a helping hand in the community with a paid day off to volunteer Emily MacRobbie, human resources manager at Ward & Uptigrove, says clients appreciate the close connections and sense of care their small-town environment fosters. “We’re big enough to attract and retain some of the best and brightest minds in the industry, while simultaneously being small enough that staff and clients are known on a more personal level,” says MacRobbie. “Employees really appreciate the flexibility the firm offers, such as work location (in office or hybrid) and hours of work arrangements. We keep a pulse on what’s happening and make sure we remain competitive with things like paid time off and flexible health benefits.” To learn more about career opportunities at Ward & Uptigrove visit www.wardanduptigrove.com/careers