Underused Housing Tax

Underused Housing Tax | Blasetti Broyles LLP | Charted Professional Accountants | Calgary & Area

In November 2022 the Government of Canada announced a new Underused Housing Tax (UHT).

This tax is a 1% on ownership of vacant or unused homes in Canada as of January 1, 2022.

If you are an affected owner then you will need to file the return. This does not necessarily mean that you will have to pay the taxes. There are many rules and exemptions to this tax.

Here are a few questions to ask yourself:

  • Are you on title of your child(rens) home?
  • Are you on title of your parent(s) home?
  • Do you own a vacation property?
  • Are you a nonresident and own property in Canada?
  • Do you own a home construction company?
  • Does your company own residential property?

These are just a few of the questions to ask yourself. First, if you own another property or on title on another property contact your accountant and discuss with them if you need to file or not.

It is extremely important to know if you do or don’t need to file. If you were required to file and don’t it is a penalty of $5,000 per property personally and $10,000 per property for a corporation.

For more information contact us at 403-277-0511.

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