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rResidential property risk from the Underused Housing Tax

April tax news: Residential property risk, bare trust dangers & taxable tips

RESIDENTIAL PROPERTY WARNING — HUGE PENALTIES!! Are you involved with a residential property that is not owned directly by a human being who is either a Canadian citizen or a permanent resident of Canada? For example: A cottage is held in a Trust, which the family patriarch set up before his death years ago, so […]

House subject to Underused Housing Tax

Underused Housing Tax Update: Filing deadline extended until Oct. 31, 2023

The confusion swirling around the implementation and scope of the federal government’s new Underused Housing Tax has resulted in a temporary reprieve from Ottawa, providing taxpayers with extra time to fully understand their compliance obligations under the new law. The Canada Revenue Agency announced this week that the while the deadline for affected owners to […]

Underused Housing Tax condo

Why you may need to file an Underused Housing Tax return

The federal government’s new Underused Housing Tax came into effect on January 1st, 2022. It introduced a 1 per cent annual tax on the ‘specified value’ of a vacant or ‘underused’ residential property owned in whole or in part by non-resident, non-Canadian citizens. Despite the legislation’s many exemptions, it is very broad and ensnares several […]

a modern house subject to the Underused Housing Tax

Understanding the Underused Housing Tax

For years, housing advocates across Canada have argued that property speculation and overseas investment were a major factor driving up home prices. While academics and industry stakeholders have debated the degree to which that is the case, the federal government took action to address the issue earlier this year by introducing the Underused Housing Tax. […]