June 22, 2023
All Tax Articles

We wrote in our April 2023 issue (“Residential Property Warning — Huge Penalties!!”) about the dangers of the new Underused Housing Tax (UHT).

If a home, condo or cottage is owned by a corporation, trust or non-resident, there may be filing obligations and a $5,000 or $10,000 penalty for not filing a UHT return. These filing obligations and penalties apply even if the home is rented out so that there’s no tax to pay.

Legally, the first UHT returns were due April 30, 2023. However, the Canada Revenue Agency announced on March 27 (tinyurl.com/uht-extend) that no penalty or interest will be imposed as long as the first return is filed and any tax is paid by October 31, 2023.

For more on the UHT, see the CRA’s web page at canada.ca/cra-uht.

This letter summarizes recent tax developments and tax planning opportunities from a third-party affiliate; however, we recommend that you consult with an expert before embarking on any of the suggestions contained in this blog post, which are appropriate to your own specific requirements. Please feel free to get in touch with Lee & Sharpe to discuss anything detailed above, we would be pleased to help.
Douglas K. DeBeck

Hello, my name is Douglas K. DeBeck, I am a partner at Lee & Sharpe.

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