Underused Housing Tax – the expected and unexpected impacts

Underused Housing Tax – the expected and unexpected impacts

Are you prepared for the new compliance requirements with an April 30th, 2023 filing requirement?

Property owners with vacant homes in Canada should be aware of the new Underused Housing Tax (UHT). This new tax requires affected owners to file a UHT return with the CRA annually. Even if an affected owner meets an exception and isn’t required to pay the UHT, they must still file a return to declare the exemption.

What types of property’s are reportable?

· Detached houses with no more than three units (including cottages, cabins, and chalets unless they are considered commercial property)

· Semi-detached houses, row-houses, residential condos, and similar separate or divided premises such as a coach house or laneway hours.