The newly introduced UHT imposes a 1% annual tax on the value of residential real estate considered to be vacant or underused that is owned on December 31 of each year. Filing and potential taxes will extend to many Canadian corporations and individuals, including CCPCs, trustees and partners of a partnership. Penalties for failure to file the return (even where no tax is payable) start at $5,000 for individuals and $10,000 for corporations.
With the first filings and taxes due May 1, 2023, time is ticking on identifying impacted clients and gathering information to file the return properly.
To assist in navigating these new filing requirements and tax liabilities, Video Tax News has prepared a Quick Reference Chart incorporating legislation and CRA commentary as of February 1, 2023.
We have heard from many financial professionals asking if they could brand this practical chart and use the resource to communicate this complicated initiative to their clients.
The answer is yes!
Inform your clients of the basics of these new requirements and the consequences if these are overlooked.
The Brandable Quick Reference Chart — Underused Housing Tax (UHT) is now available for purchase!
Subscribers can add your letterhead and other branding and distribute to your clients via email, posting on your website, social media, etc.
Get ready to support your clients as they better understand how the UHT impacts them and their businesses.
