- Reaction score
- 3
- Points
- 410
ArmyVern said:Agent in the family or not, that real-estate agent's fees would be their INCOME (and is taxable).
Having any sort of family member/relative involved, whether it is their profession or not, is delicate but it can be done. The only exceptions to such cases are if the person is already "registered" with Brookefield Relocation Services and their name is on the "3rd Party Supplier List", then it would be allowable. If they are not registered, then they shouldn't be used.
Arm's Length Transaction (as it relates to 3rd Party Suppliers who are NOT on the listing)
An arm's length transaction is one that is consummated between two or more non-related parties as per Canada Revenue Agency (CRA) interpretation. Related individuals include:
direct-line descendants, as well as spouse or common law partners, brothers, sisters, and in-laws; and
non-immediate family members such as cousins, aunts, uncles, nephews and nieces.
Edit - my original post has been cleaned up to be more reflective of currently available policy guidance.