The UHT May Be Cancelled, But Vacancy Taxes Remain

As tax professionals, you are keenly aware of the constant changes our federal government makes to the Income Tax Act. Adjustments are made, and you must adapt. Not often, though, is a tax eliminated altogether. But in the case of the Underused Housing Tax (UHT), that is exactly what has happened – it was cancelled in the federal budget of November 4, 2025, but Canada’s underused housing taxes have not been eliminated. Here’s what you need to know for tax season 2026.

Looking for new professional development and networking opportunities?  Be sure to mark your calendar now! In addition to the May 20 Virtual CE Summit, we have two complimentary events on May 26 and 27 for those in strategic wealth planning fields looking to network with like-minded individuals and expand upon your value proposition with new conversation starters and approaches. Take a look and register now:

Jay Stark, MFA-P™ shares how this philanthropy planning focused designation program will help him apply new skills in his effort to help Canadians make better decisions about philanthropy and bring plans to life.

The pressure is on! Taxpayers and their tax accountants are buckling under the strain of lockdowns in the midst of a very a complex tax season. Recent statistics from CRA show that we were only at the halfway point on April 19 as only 16.6 million of approximately 31 million tax returns expected had been filed. It’s notable too that 19% of tax filers have a balance due. Here are nine last minute tax tips for those who owe and those who have to break it to them:

What did the April 19, 2020 Federal Budget tell us about required new approaches to retirement planning? Rising inflation is a new concern, and this requires a reworking of retirement projections, as well as projections for the funding of ongoing needs of survivors and heirs.  More specifically, there are two tax provisions to take note of:

An astounding 98% of Knowledge Bureau poll respondents have given CRA’s service standards a thumbs down this year. It’s not too late for you to weigh in, too and share your thoughts on the question: “In your view, has CRA’s service level to professional tax advisors improved this year?”

As your clients enter the 2nd half of their retirement years, there are many significant issues that begin to emerge such as illness, cost of care and loss of capacity for key decision makers. Without careful planning, years of effective decision making can be easily undone through increased costs of care and potentially increased costs of taxation.