The federal government is proposing to relieve certain taxpayers who own residential property through a trust, corporation or partnership from the requirement to file an underused housing tax (UHT) return and to significantly cut the penalties associated with the failure to file a UHT return.<\/p>\n
The announcement was made in the government’s fall economic statement tabled on Tuesday.<\/p>\n
The UHT is an annual 1% tax on the ownership of vacant or underused housing in Canada, effective in 2022 and subsequent years.<\/p>\n
However, the Canada Revenue Agency has twice extended the deadline<\/a> to file a UHT return for 2022 without incurring penalties or interest, to give taxpayers more time to become compliant.<\/p>\n
The proposed change would be effective for 2023 and subsequent years.<\/p>\n
The proposed change would be effective for 2022 and subsequent years.<\/p>\n