*Updated chart reflects the proposed amendments for 2023 and later years (see Bill C-69). This chart should not be used for 2022 filings.
The Underused Housing Tax (UHT) imposes a 1% annual tax on the value of vacant or underused residential real estate owned on December 31 of each year. While the government indicated that the tax would target property owned by non-resident non-Canadians, some Canadian corporations and individuals must still file the UHT return and may even be liable for the tax. Numerous exemptions from the tax liability itself exist, but significant penalties can apply where the required return is not filed, even if no tax is payable. Filings and taxes are due by April 30 of the following year.
To assist you in navigating these filing requirements and tax liabilities, Video Tax News has prepared a Quick Reference Chart incorporating legislation and CRA commentary as of July 16, 2024. The specific legislation, regulations and administrative policies of CRA should be reviewed for a complete and detailed understanding.
Please note: This Quick Reference Chart is for accounting and financial professionals. Video Tax News does not provide consulting services. Please contact your accountant or other advisor for specific questions on the UHT legislation.
Due to the novel and evolving nature of this tax, minor changes might be made to the chart, as necessary, to adjust references, resources, or commentary.
