As a personal real estate corporation, you’re probably well aware of the financial and tax benefits of this popular licensing option. But are you equally aware of the responsibilities that come with it?
When personal real estate corporations apply for licence renewal, the Council’s licensing department frequently discovers that they are at least a year behind in their mandatory annual filings with the Registrar of Companies. All corporations in BC are required by the Business Corporations Act to file an annual report each year, within 60 days of the date of incorporation.
That means if you incorporated on March 1, you must file a report with the Registrar of Companies before May 1 each year. If this report is not filed for two consecutive years, the Registrar of Companies may begin dissolution proceedings on your corporation. And if a personal real estate corporation loses its incorporated status, that licence will become inoperative.
If you’re unfamiliar with the details and requirements for maintaining incorporation, we strongly recommend you seek professional legal or accounting advice. Make sure you’ve taken all the necessary steps to maintain your incorporated status, and that you forward all filings relating to your personal real estate corporation to the Registrar of Companies in a timely fashion, so you can continue to offer real estate services as a personal real estate corporation.
- See the BC Corporate Registry — will open in a new tab for more information, including: How Do I File an Annual Report — will open in a new tab
- Much more information about Personal Real Estate Corporations is available in the Council’s newly launched online resource: Guide to Personal Real Estate Corporations.
Licensees with questions can contact the Council at 604-683-9664, toll-free 1-877-683-9664 or email[email protected].
This information is provided to you by the Real Estate Council of British Columbia (RECBC).
Your feedback is always welcome and can be sent to [email protected].