The Underused Housing Tax is an annual federal 1% tax on the ownership of vacant or underused housing in Canada that took effect on January 1, 2022.
If you own residential property in Canada, you may be required to pay the new Underused Housing Tax (UHT) and file an annual return by April 30th or face minimum penalties of $5,000 for individuals and $10,000 for Corporations (as a temporary relief measure, no penalties and/or interest will be applied if the return and UHT is filed/paid by October 31, 2024).
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