The Government of Canada has introduced The Underused Housing Tax Act (UHTA) to govern the underused housing tax, which took effect on January 1, 2022. Though the government indicated that the tax would target properties owned by non-Canadians, the filing requirements extend to many Canadian corporations and individuals, including CCPCs, trustees of a trust and partners of a partnership. The first filing and taxes are due by May 1, 2023. The penalties for individuals failing to file starts at $5,000 and $1,000 for corporations.
For more information visit: https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/uhtn1/introduction-underused-housing-tax.html
