Underused Housing Tax

Underused Housing Tax

The federal budget in 2021 announced a national annual 1% tax will apply on the value of non-resident, non-Canadian owned residential real estate that is considered to be vacant or underused. This is known to be the Underused Housing Tax (“UHT”). This was in effect as of January 1, 2022.

Who’s affected by this

Every homeowner that is NOT an excluded owner that owns a residential property on December 31 of the calendar year is required to file an annual declaration with CRA for each residential property that they own.

Excluded owners

In general, excluded owners are individuals who are a Canadian citizen or permanent resident of Canada.

It is important to note that excluded individuals is not a test on whether the individual is a resident or non-resident of Canada for income tax purposes.

CLICK HERE to read the full article and to learn more!

For more information:

Lavanya Sarathchandran
Marketing and Communications Manager
Phone: 416-798-6929
LSarathchandran@segalgcse.com   

Lavanya Sarathchandran
Marketing and Communications Manager
Segal GCSE LLP
Phone: 416-798-6929
LSarathchandran@segalllp.com   

About Segal GCSE LLP

At Segal GCSE LLP, we embrace an ambitious firm philosophy: to provide our valued clients with an expansive service experience that enables greater opportunities for growth and prosperity. From innovative practices to specialty services, our agile team is on a journey to not just meet your audit, accounting, tax and business needs, but transform your entire portfolio.

For more than 45 years, we have employed a collaborative approach, leveraging the shared knowledge and expertise of our multi-disciplinary professionals, to inspire and drive enhanced client success. Additionally, we augment our specialized offering with an international association with Moore Global – one of the world’s leading accounting and advisory networks.

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