WebMar 11, 2024 · The Government of Canada has proposed a new Underused Housing Tax (the UHT) applicable to residential real estate throughout the country. Bill C-8, currently before Parliament, proposes to enact the Underused Housing Tax Act (the Act) and can be traced back to the Government of Canada's Fall Economic Statement 2024. Additional … WebRules for the Underused Housing Tax (UHT) were enacted on June 9, 2024, and apply to residential properties owned on or after December 31, 2024. The rules require residential …

EY Tax Alert 2024 no 35 - Underused Housing Tax Act receives …

WebThe form discloses property ownership under structures like corporations, limited partnerships, or joint ventures and is mandatory for properties with three or fewer units. Non-compliance fines are steep, at $10,000 per property. WebJan 10, 2024 · Posted on January 10, 2024. The Underused Housing Tax is an annual 1% tax on the ownership of vacant or underused housing in Canada that took effect on January 1, 2024. The tax usually applies to non-resident, non-Canadian owners. In some situations, however, it also applies to Canadian owners. This is a summary of some of the most … companies house cs01 confirmation statement

CRA grants reprieve for late filing of underused housing …

WebJan 25, 2024 · A return will have to be filed with the CRA no later than April 30, with respect to any residential property (detached house, condominium, duplex or triplex) held in Canada by a Canadian private corporation, a … WebTable of Contents. Underused Housing Tax Act. 1 - Short Title. 2 - PART 1 - Interpretation and General Rules of Application. 5 - PART 2 - Her Majesty. 6 - PART 3 - Application of … WebJan 23, 2024 · The UHT is intended to apply to underused housing in Canada owned directly or indirectly and wholly or partly by non-resident, non-Canadians. UHT obligations apply for calendar years (beginning … companies house cs01 fee