Applications are now open for the 2023 Canada – Saskatchewan Livestock Feed Initiative. The purpose of the initiative is to provide compensation for 70 percent of […]
2023 Canadian Federal BudgetMarch 30, 2023
2023 Canada – Alberta Drought Livestock AssistanceNovember 6, 2023
Filing required by OCTOBER 31, 2023
The filing deadline for the Underused Housing Tax (UHT) is quickly approaching. As a reminder, the intent of the tax was to apply a tax to foreign owners who have purchased residential Canadian properties and are holding them for investment purposes. However, the requirements to file the form are very broad, and require anyone who owns residential property in Canada to assess whether they have to file the form.
You may have a filing requirement if you own RESIDENTIAL property:
A Trust arrangement can exist with a Family Trust or a “Bare Trust”. A Bare Trust is where someone is on legal title for the property, but beneficial ownership of the property resides with someone else. A common example would be a parent co-signing for a home mortgage with a child – the parent is on legal title, but has no beneficial interest in the property.
Failure to file the form will result in a minimum penalty of at least $5,000 for individuals and $10,000 for corporations, even if there is no tax payable.
To be clear, even if you are required to file, you will likely NOT have to pay the tax if you are a Canadian Citizen or a resident.