Unlock the Benefits of a Personal Real Estate Corporation: Schedule a Free Consultation Today
Are you a real estate professional looking to optimize your finances and save more money for retirement? Forming a Personal Real Estate Corporation (PREC) may be the solution for you. However, there are many factors to consider before making this important decision.
This Calculator will compare the estimated taxes that if you operated as a Sole Proprietor versus the estimated taxes if you operated as an incorporated entity. Use this calculator to learn the estimated tax savings of choosing one form of organization over the other.
At CPA4IT, we offer free consultations with financial professionals who are knowledgeable on the many tax strategies available to realtors.
Contact us today to schedule a consultation and determine if forming a PREC is the right choice for your personal and business situation.
Select your Province, The annual income of your business and the amount of personal income you will need to withdraw from the corporation for your non deductible living expenses.
| Province: | |
| How much do you earn?(in a year): | |
| How much do you spend?(on non business related items) | |
| This is the amount of money you will take out of the company personally to pay for personal lifestyle expense that are above and beyond the expenses paid for by the corporation.Your goal is to keep this amount as low as possible. If you aim for between $30,000 – $35,000 this will keep your personal taxes in the lowest tax bracket. | |
The following are calculated using industry average values. Please adjust to suit your specific circumstances to get more accurate results.
| Contract Income | |
| Automobile | |
| Depreciation | |
| Rent/Home Office | |
| Advertising | |
| Business Promotion | |
| Travel | |
| Consulting Fees | |
| Sub-Contracting | |
| Accounting Fees | |
| Computer Supplies | |
| Employee Benefits | |
| Office Supplies | |
| Telephone | |
| Education and Seminars | |
| Professional Fees | |
| Books and Periodicals | |
| Insurance | |
| Wages | |
| Bank Charges | |
| General Expenses | |
| Interest | |
| Repairs and Maintanence |
