The Underused Housing Tax (UHT) enforces an annual 1% tax on the assessed value of residential real estate identified as vacant or underused and owned on December 31 each year.
Although initially aimed at properties owned by non-Canadians, the filing obligations extend to various Canadian entities and individuals. This includes Canadian-controlled private corporations (CCPCs), trustees managing a trust, and partners in a partnership, as indicated by the government.
Filings and taxes are due by April 30 of the following year.
Penalties for not submitting the return, even in cases where no tax is owed, start at $5,000 for individuals and $10,000 for corporations.
Let Taxwide assist with your UHT filing compliance, so you have clarity on whether you have to file or not, and avoid late-filing fees.
Reach out to our team if you have any questions or would like to get started!
Visit your nearest Taxwide location today or call 905-949-2222 to book an appointment.