Underused Housing Tax
October 13, 2023
The UHT is a new federal tax that took effect in 2022. It was implemented as a response to Canada’s housing shortage. The original filing deadline was April 2023, however, the Government of Canada extended the filing deadline to October 31st, 2023. If you are a Canadian citizen or permanent resident, own your properties personally, and they are currently rented or listed for rent, the UHT likely does not apply to you, however, if you own your properties inside of a Canadian corporation, or you are not a Canadian citizen or permanent resident, then the UHT likely applies to you. Failure to file, even if you do not have to pay any tax under the UHT, will result in significant penalties ($5000-$10,000).
To determine whether the UHT applies to you take this quick test
For more information about the Underused Housing Tax click here
If it looks like the UHT applies to you, we would recommend that you speak with your accountant. If you don’t have an accountant, we can without hesitation recommend:
Ally Shariff Professional Corporation
1212 1 St SE #114, Calgary, AB T2G 2H8
Phone: (403) 547-8027
http://www.asprofcorp.com/home.html
Their cost of UHT filings starts at $450.
About Power Properties Ltd.
Founded in 1980, Power Properties has been providing hassle-free property management services to property owners, property investors and non-residents with homes in Calgary, Alberta for over 40 years. Our full-service property management includes everything from move in to move out, so you don’t have to worry about the day-to-day operations of your rental property. With a team of licensed professionals, years of experience, and award-winning service, you can rest assured that your property is in good hands.
