The Underused Housing Tax (UHT), as enacted by the current government, exemplifies a misguided approach to addressing foreign property investment, wielding a sledgehammer where a scalpel would have sufficed. Ostensibly aimed at foreign owners of underused or vacant residential properties,…
The Underused Housing Tax, introduced by the Canadian government, represents a strategic initiative aimed at mitigating the challenges of housing affordability and availability across the nation. With its inception on January 1, 2022, following the Royal Assent of the Underused…
Canada Revenue Agency Extends Deadline for Underused Housing Tax Returns The Canada Revenue Agency (CRA) has announced a significant extension for homeowners to file their Underused Housing Tax (UHT) returns. In a recent news release dated October 31, 2023, the…
It is anticipated that many corporations, partnerships, trustees, and individuals are going to be caught off guard and subject to large penalties, simply for failing to file an annual return stating they own residential property in Canada. The Underused Housing…
The Canadian government has proposed several key amendments to the Underused Housing Tax Act (UHTA). These changes, explained clause by clause, are critical for understanding your potential tax obligations and planning strategies. Key Proposed Amendments: Expanded Definition of Excluded Owners…