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The Canadian Government introduced the Underused Housing Tax (UHT) as a way to address housing affordability, with the main goal to target non-residents of Canada. However, the result of the legislation has resulted in many Canadian citizens now being in a situation where they have an obligation to file a return under the new UHT rules, even if they may be exempt from the tax. The penalty for not filing the return on time, by April 30th, is a minimum of $5,000 for individuals, or $10,000 for corporations. This guide helps you determine if or how you may be impacted by the new UHT rules. If you have any questions at all, please contact us.
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