Special Edition – Underused Housing Tax Newsletter

Highlights In This Issue:

  • This Newsletter is an updated version of the previous Underused Housing Tax (UHT) special released earlier this month.
  • The new Underused Housing Tax (UHT) imposes a 1% annual tax on the value of residential real estate considered to be vacant or underused that is owned on December 31 of each year. The government indicated that the tax would target property owned by non-Canadians; however, the scope of filing requirements extends to many Canadian entities and individuals, including private corporations, and trustees of a trust. The first filings and taxes are due on April 30, 2023.1
  • This summary is intended to be a general guide in determining filing obligations and tax exposure.

Special Edition Underused Housing Tax Newsletter