Underused Housing Tax
The Underused Housing Tax is an annual 1% tax on the ownership of vacant or underused housing in Canada that took effect on January 1, 2022. The tax usually applies to non-resident, non-Canadian owners. In some situations, however, it also applies to Canadian owners.
✅ If you are an excluded owner of a residential property in Canada, you have no obligations or liabilities under the Underused Housing Tax Act.
✅ If you are not an excluded owner we refer to you as an affected owner and you have obligations under the Underused Housing Tax Act for your residential property in Canada.
✅ The Annual declaration Form UHT-2900 is required and due by April 30th, 2023.
✅ Penalties are STEEP for not filing the annual UHT form. Penalties are at least $5,000 for failure to file the declaration for individuals and $10,000 for failure to file for corporations.
✅ The deadline to file this return will be this year April 2023.
For more detailed information visit their website, by clicking the link below⬇️:
There are links to lots of resources in this article ⬇️:
Here is an easy to follow Quick Reference Chart ⬇️:
If you have more questions please consult your accountant!
Jeff Meyer Personal Real Estate Corporation