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Personal Real Estate Corporation (PREC)

Home / Incorporation / Professional Corporation / Personal Real Estate Corporation (PREC)

Step 1 of 14 - Package

7%
  • Ontario Personal Real Estate Corporation (PREC) Package at $899

  • IncorpMaster Canada Inc. is a registered member of Corporations Canada. We have prepared this simple and easy form in a very step by step method to make it easy for you to incorporate a personal real estate corporation online. Since October 1, 2020, we have incorporated many personal real estate corporations in Ontario and hence, we can assure you, your corporation would be set up correctly by us.
  • Help and Support

  • How fast can I get docs?
    We offer regular, express and urgent queue. In an urgent queue, corporation is filed two business hours, in express queue in one business day and regular queue in ten business days.
  • What documents I get?
    You will get corporation's certificate and article in email. If you include the by-laws and minutebook, you will receive these in email as well. These documents are sufficient to open bank account.
  • Who prepares it?
    Our agency is backed by law firm. We prepare the articles of corporation, by laws and other documents. Our team incorporate personal real estate corporations everyday.
  • Is there any hidden costs?
    Absolutely no hidden costs. When you set up a corporation, there are many filings needed to be done. We offer all filing into a single place. Therefore, in next steps, we will offer those services. You have option to choose or not to choose. If you do not choose anything else, your price will remain as you see in the first page.
  • What other services offered?
    Being a OneStop shop, we offer pretty much all corporation related services. We are backed by lawyers and accountants. In Next steps, you will find options to choose NUANS report (for named corporation), CRA business number, corporate tax ID, GST account, payroll account, export-import account, WCB account, minutebook, share certificates, corporate seal, domain name reservation and one year service support.
  • Corporation Name

  • Accepted file types: jpg, gif, png, pdf, doc, docx.
  • Help and Support

  • How fast can I get docs?
    We offer regular, express and urgent queue. In an urgent queue, corporation is filed two business hours, in express queue in one business day and regular queue in ten business days.
  • How to choose a valid name?
    The legal name of a personal real estate corporation, whose controlling individual is Robert Smith, can be one of the following: Robert Smith Personal Real Estate Corporation (legal name + the term “personal real estate corporation”); Rob Smith Personal Real Estate Corporation (recognizable short form + the term “personal real estate corporation”); Bob Smith Personal Real Estate Corporation (licensee name of the controlling individual as registered with RECBC + the term “personal real estate corporation”).
  • How about legal suffix?
    A personal real estate corporation name must end with the legal suffix "personal real estate corporation". You can include it in the proposed name. If you do not include it, we will include this phrase after the name of corporation.
  • How name approval works?
    We are a member of Corporations Canada. We first pre-search into Corporations Canada system and provincial name database. If the name gets conflict or high chance of being rejected, we will advise you to submit new names.
  • Corporation's Address

  • To register a corporation in this province, a local provincial physical address is required where the government will send documents. If you do not have a physical address in this province, our agency provides address and mail scanning service.
  • Help and Support

  • What is corporation's address?
    It is the location where business is located. It can be a commercial rented place or home address. It can't be a P.O Box, must be a physical address. CRA documents will go to this address.
  • Can I change this address later?
    Yes, these address can be changed later. In many cases when commercial place is not rented yet, residential address is given.
  • Do you provide address service?
    If you do not have a local provincial address, we provide registered address and mail scanning service. Please click, on the form where says, "If you don't have address in this province, click here"
  • Is the address service renewable?
    Yes, you have the choice to renew it on an annual basis. Normally, the price remains same.
  • Director: Single Controlling Director

  • 3.1. Single Controlling Director: the real estate agent and the overall head of the corporation
  • Help and Support

  • Who is the Controlling Director?
    The Controlling Director is the the real estate agent and overall head of the corporation. You cannot add more than one director . Please note that the Controlling Director must be either Canadian citizen or Permanent Resident.
  • How about doing for a client?
    If you are doing corporation for a client, please do not write here your name. This place is the name of the primary owner (the real estate agent) of the corporation. We don't contact this person, rather we contact the person mentioned in billing address. You can write your details in the billing address during checkout.
  • Incorporator

  • Help and Support

  • Who is an incorporator?
    Incorporator is the person(s), under whose authority this corporation is being created. Typically, the Controlling Director is the incorporator (recommended). However, another corporation can be the incorporator (not recommended).
  • How about doing for a client?
    If you are doing for a client, you may choose 'The Controlling Director is the Incorporator'. We do not contact your client, rather we contact the person in the billing address. You may write your details in billing address.
  • Minutebook (by-laws & share structure prepared by lawyer)

  • Why Minute Book Matters?

  • As per PREC rules, a personal real estate corporation must have by-laws and share structure where the the Controlling Director MUST hold the equity voting share. The Controlling Director or family members can also hold non-equity non-voting shares. The minutebook is the legal document prepared by lawyer which consists of the by-laws and share structure, shareholders, and officers (president) prepared as per PREC rules. Therefore, either you include it with your order or else, you need to get it done after your corporation registered. It's REQUIRED to register with your brokerage and to open bank account.
  • Help and Support

  • Is minutebook required?
    Yes, it's mandatory as per corporation act and PREC rules. The controlling shareholder, share structure, share class, number of shares are defined in minutebook.
  • Any advantage of doing in package?
    Yes. Package price is cheaper than buying it later, because preparing it separately is a manual process which cost more and takes longer time. Besides, when you incorporate a new corporation, the expenses are called business development expense which is tax creditable. Any spending you do after corporation exists, is considered as operating expense which are not tax creditable.
  • Corporation Officer: President

  • Help and Support

  • What designation to choose?
    As per PREC rules, the Controlling Director must be the one and only officer and hold designation as "president"
  • Will the Controlling Director hold all positions?
    Yes, in personal real estate corporation, the same person can be director, incorporator, officer and shareholder. The only option that PREC allows, is your immediate family members (minimum age 18) can be added as of shareholder for non-equity non-voting shares (in next section).
  • Class A Equity (Voting) Share: For Controlling Shareholder

  • As per PREC rules, the controlling director must be the 'controlling shareholder'. you can't add anyone else for in class A equity voting share.
  • Help and Support

  • What price and number to put?
    Share price and share number can be changed any time. Now you are setting up just initial price and share number. Most people starts with $1 as share price and 1 as share number.
  • Optional class B non-equity (non-voting) share

  • Though in most PREC cases, class B non-voting shares are not issued, yet as per PREC rules, the corporation has choice to issue class B non-equity (non-voting) shares. The controlling shareholder and/or family member (minimum age 18) can hold non-equity class B (non-voting) share.
  • Class B: First Additional Shareholder

  • Class B: 2nd Additional Shareholder

  • Class B: 3rd Additional Shareholder

  • Class B: 4th Additional Shareholder

  • Class B: 5th Additional Shareholder

  • Note: If you want to add more additional shareholders, you may need to place a customized order. For now, you can place order with these shareholders and afterwards, give us a call to convert it into a customized order.
  • Help and Support

  • What is class B shares?
    These are non-equity non-voting shares (weaker than class A). Most people PREC corporation don't issue it in the beginning.
  • What price and number to put?
    Share price and share number can be changed any time. Now you are setting up just initial price and share number. Most people starts with $1 as share price and 1 as share number.
  • How to put share in percentage?
    Total share is calculated by adding up each shareholder's share number. Example: your share is 60, your spouse's share is 40. Then total shares = 60 + 40 = 100. In this case, you hold 60% and spouse holds 40%. If more than one shareholder and you want to assign in percentage, make total share number as 100.
  • CRA Account Registrations

  • Help and Support

  • Why need HST account?
    It's the initial set up for a HST account with CRA. Every corporation should have a HST account to collect HST. To claim your HST paid amount on your office supplies purchases, you also need this account.
  • What is payroll account?
    Payroll account applicable in all cases. Even if you do not have employee, your own salary to be processed through payroll account. Please note, this is not payroll service, but the initial set up of payroll account with CRA.
  • What is import export account?
    If your business involves in importing or exporting physical goods, it is required. The government uses this account to process the customs clearance.
  • Other Registrations

  • Help and Support

  • What is domain name?
    We are an agent of global domain registration. After your company name gets approved, we can instantly reserve a domain in your company name (example: www.companyname.com)
  • What is WSIB registration?
    It's workers' compensation board (safety and injury board). If your corporation plan to have employees now or in future, it MUST register with WSIB. We register and give you the account number and hook you with WSIB authority. Please note, it does not cost monthly premium fees, rather WSIB authority will advise on your eligibility of free program or fees.
  • What is initial returns?
    The government of Ontario has made mandatory to file the notice of initial returns within 60 days of incorporation. Failing to file initial returns may cause your corporation to be null and void. We advise you include in the package in case you forget to file later.
  • Corporate Supplies & Support

  • Help and Support

  • What is legal acknowledgement letter?
    A legal letter prepared and signed by an Ontario solicitor or corporate lawyer that re-confirms the corporation's article and by-laws are prepared as per PREC regulations.
  • What is share certificate?
    Share certificates is the legal and official proof of ownership of corporation. You need it to show in any official purpose such as bank, contracts, mortgage etc. It's an absolute recommended items if you have more than one shareholder. We will send some blanks certificates as well which could be used in future in case you add any other person (such as spouse, child, friend) as shareholder.
  • What is corporate seal?
    Seal is a protection against fraudulent activity. It has legal value (by default defends) in case anybody create false docs or make false loan in your company name. It's highly recommended if your company has frequent transactions or provide receipt, invoices. It's also needed if you go for loan, mortgage, employment contract, service contract or any sub-contract.
  • What does service support include?
    It includes legal, accounting and corporation update services. Every new corporation receives notices from CRA, federal & provincial government, competitor business etc. As a small company, if you do not have your own lawyer and accountant, then our lawyer, accountant and corporation specialist here for you. It's a $399 dollar service, but only $99 with package.
  • How supplies will be shipped?
    Supplies (physical minute book, share certificate, corporate seal) will be shipped by Canada Post (expedited) and you will receive a tracking number in your email. Please note, this address is for shipping of supplies only. Government documents always go to corporation's address.
  • Price Summary

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