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CEBA Program Repayment Deadline Update

For CEBA loan holders in good standing, the forgiveness repayment date has been extended to January 18, 2024.

Loan holders that do not qualify for the new extended term are required to repay the outstanding amount of their CEBA Loan(s), in full, by December 31, 2023.

Am I eligible for the January 18, 2024 repayment deadline to qualify for partial loan forgiveness?

Loan holders that met CEBA eligibility criteria and are in good standing are eligible for the January 18, 2024 repayment deadline to qualify for partial loan forgiveness. Loan holders that were contacted by their financial institution in late 2022 informing them that they qualify for a repayment deadline of December 31, 2023 to qualify for partial loan forgiveness will now benefit from an extended repayment deadline of January 18, 2024 to qualify for partial loan forgiveness. Loan holders will be contacted by their financial institution to confirm their eligibility for the January 18, 2024 repayment deadline to qualify for partial loan forgiveness.

For more information, please speak with your financial institution or visit https://ceba-cuec.ca/.

Proposed Relief for Underused Housing Tax (UHT)

In their 2023 Fall Economic Statement, the federal government proposed significant changes to the Underused Housing Tax (UHT) compliance obligations. The draft legislation will be provided to the Department of Finance for review.

Proposed changes include an expansion to the excluded owner definition to include specified Canadian corporations, and a reduction in the failure to file penalties.

Currently, the late filing penalty is $5,000 for individuals, and $10,000 for corporations. The federal government has proposed to reduce these penalties to $1,000 for individuals and $2,000 for corporations for the 2022 and future calendar years.

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