Underused Housing Tax
The Underused Housing Tax (“UHT”) is an annual 1% tax on the ownership of vacant or underused housing in Canada that took effect on January 1, 2022.
The UHT Return deadline is October 31, 2023.
Don’t let it cost you up to $10,000.00.
Do you own vacant or underused housing in Canada? Are you considered an affected owner? All affected owners need to file a UHT return for each property that they own in Canada.
An affected owner includes, but is not limited to:
- An individual who is not a Canadian citizen or permanent resident.
- An individual who is a Canadian citizen or permanent resident and who owns a residential property as a trustee of a trust (other than as a personal representative of a deceased individual and other than as a trustee of a mutual fund trust, real estate investment trust or SIFT trust for Canadian income tax purposes).
- Any person – including an individual who is a Canadian citizen or permanent resident – that owns a residential property as a partner of a partnership.
- A corporation that is incorporated outside Canada.
- A Canadian corporation whose shares are not listed on a Canadian stock exchange designated for Canadian income tax purposes.
- A Canadian corporation without share capital.
Speak to us TODAY to determine your filing requirements! Call us at 905-877-7200 or email info@accountantsonmain.ca.