Underused Housing Tax – Requirements and Exemptions
In Budget 2021, the federal government announced plans for an annual one percent tax on the value of the residential real estate that is: owned by any non-resident, non-Canadian, and, considered vacant or underused. What is the UHT? The UHT is intended to apply to underused housing in Canada owned directly or indirectly and wholly or partly by a non-resident, non-Canadians. UHT obligations apply for calendar years (beginning with 2022) to affected owners of residential