The Ultimate Real Estate Network
OREIO is pleased to announce that our March speaker will be Alex Klyguine, talking to OREIO members about the important topic of taxes. The highest marginal tax rate in Ontario is 53.53%. How do you minimize that? If you are a real estate investor, you need to understand how real estate is taxed to ensure that you are utilizing all of the available tax breaks. This session will deal with taxation of INDIVIDUALS (NOT CORPORATIONS) in the context of real estate. This session is expected to last 1.5 to 2 hours.
Alex Klyguine is a tax lawyer in the Toronto office of Osler, Hoskin & Harcourt LLP. Alex has an income tax practice with an emphasis on the areas of mergers and acquisitions, inbound and outbound investment, corporate restructurings, and corporate tax planning. Alex regularly advises international companies on establishing new business in Canada, including tax efficient structuring of subsidiary corporations. Alex's views and expertise are regularly sought after by leading Canadian professional publications.
ALSO — A message from Christian Szpilfogel on our upcoming meeting and the future of OREIO:
At the last regular meeting in February, it became evident that we have decisions to make as an organization. As such, the board / executive committee felt that it was important to have someone who was impartial and unconflicted to drive this decision process. As such they have appointed me (Christian Szpilfogel) to chair this process. I recognize that this is a very important responsibility and I declare that I have no conflict of interest in this process nor will I vote.
My plan involves being open and transparent as possible to ensure the membership has trust in the process. As part of this, I have asked the board / executive to declare any potential or perceived conflicts of interest. Where there is even a perception of conflict of interest then that board member may be excluded from related discussions or decisions. They have agreed to this.
Herein, I wish to outline the process by which we will make these decisions respecting the requirements of the organization’s by-laws.
The board / executive committee has concluded that change is required to OREIO. As such I have asked them to draft a statement to lay out the reasoning of this recommendation for you to review. A majority of the board / executives support this statement.
At the next meeting on March 11th, members will be allowed to speak for or against the recommendation (to change or not change). But to ensure an orderly process, I ask that members do not repeat points made by others. I will moderate the session.
We will conduct a simple paper ballot where each member may vote YES or NO to the statement: “I support the recommendation of the board /executive committee that change is required”. All valid members may vote including the executives.
Results will be counted by selected members which are not part of the board /executive.
Results will be announced that night.
If the membership votes against the motion then we stop here and OREIO continues on business as usual.
If the membership votes in favour of the motion then there will be a call for proposals and the guidelines will be identified for the proposals
At a date to be determined (late March or early April), a special meeting will be called to allow all proposals to be presented to the membership and the membership will be given an opportunity to ask questions and obtain clarification.
There will be a period of time for members to consider what they have heard in preparation for a vote.
At the regular April member meeting, we will conduct a vote on the options presented using a ranked ballot system
We will have non-executive members count the ballots and the intent is to announce the results that same night.
The successful proponent will work with the current directors / executives on a transition plan with the intent that if there is an election requirement then that can be achieved at the regular May meeting.
I ask for your support in this important decision process.