How to Set-Up your PREC in the Real App - Canada

If you have a Personal Real Estate Corporation you need to update your agent profile in our system so all reporting and tax information is added to your PREC and payments are processed correctly.

• Ontario
• Alberta
• BC
• Manitoba 
• Update your Tax Information in your Agent Profile
• Update your Tipalti Account

ONTARIO

1. Verify your PREC meets RECO - PREC Checklist
2. Sign your portion of the Brokerage PREC Agreement
3. Send the following to supportcad@therealbrokerage.com 
   1. Signed PREC agreement
   2. Articles of Incorporation
4. Once our team approves everything that has been sent, we will then send you back a fully signed copy of the PREC Agreement
5. Once you receive a fully signed copy of the PREC agreement, complete the following two steps:
   1. Update your Agent Profile in the App so that BOTH Personal Tax ID's AND Business Entity Tax IDs are complete.
   2. Update your Tipalti account with Business entity name and BN tax info.

ALBERTA

To be paid as a corporation in Alberta, you must have documentation that shows: 

• Name of Corporation (this must match entity name in reZEN profile)
• You listed as a 50% or more shareholder. 

Per RECA, your documentation must be updated annually to ensure compliance.

If you incorporated in the last year, you can send:

• Articles of Incorporation - the incorporation date must be within the past year.

If you have been operating more than one year, you must send:

• Current Annual Corporate Return; or

  • Note the annual return is not your corporation's tax return filed with the CRA. The Corporate Annual Return must be submitted every year to Corporations Canada within 60 days of its anniversary date How to file and pay for an application.

• Current Corporate Registry Search.

Once you have the required documentation:

1. Send documents to:  supportcad@therealbrokerage.com
2. We will review your documentation and let you know if it is approved.
3. Once approved:
   1. Update your Agent Profile in the App so that BOTH Personal Tax ID's AND Business Entity Tax IDs are complete. 
   2. Update your Tipalti account with Business entity name, BIN tax information and update PREC banking information.

BC

1. CLICK HERE for the BCFSA-specific guidelines for moving a license to a PREC as well as advertising guidelines.
2. Once approved for the change:
   1. Update your Agent Profile in the App so that BOTH Personal Tax ID's AND Business Entity Tax IDs are complete.
   2. Update your Tipalti account with the Business entity name and BIN tax info (for Revshare).

Manitoba

1. Agents need to notify MSC of the transfer of their PREC using the template available here.
2. Complete and submit the PREC application form with a local member board, if required (WRREB or BAR)
3. Send a copy of the Articles of Incorporation for the PREC to supportcad@therealbrokerage.com to be kept on file with the Brokerage.
4. Update your PREC account information in reZEN profile and Tipalti for payments. Instructions to do that can be found here.

UPDATE YOUR TAX INFORMATION IN YOUR AGENT PROFILE

Desktop instructions are below - click here for in-app instructions.

Step 1: Login to reZEN. Go to Business Entity Tax IDs and click + Add

Step 2: Enter all required information, then click Save.

Step 3: Click Tipalti Account on the left side. Complete the Tipalti Setup for a business: Canada - How to Setup your Tipalti Account

In-App Instructions

Step 1: Login to reZEN

Step 2: Click Profile in the bottom right corner. 

Step 3: Scroll down to Tax Information and click Business Entity Tax IDs:

Step 4: Input all information and click Save:

Step 5: Update your Tipalti account at bolt.therealbrokerage.com. See: Canada - How to Setup your Tipalti Account