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.

Don’t Miss it!  The Advanced Line-by-Line  T1 Personal Tax Update starting at 8:15 CT on January 21! Delivered by an outstanding faculty of Canada’s top tax experts – Evelyn Jacks, Kim Moody, Ruth Horst and Sharon Conrod – this live virtual event is designed for professional tax preparers, accountants, and advisors.  It’s a full-day tax extravaganza to help you shake out the cobwebs, sharpen your technical knowledge, remember some “dark horses” of tax theory, to confidently prepare tax returns in the 2026 tax season. The agenda is packed with timely updates your whole team won’t want to miss. Register Now!

Happy New Year! If one of your resolutions for 2026 is to downsize, or at least sort through all that stuff you don’t need anymore, you may inevitably run across those tax files you’ve been keeping for decades. Just how long do you have to keep them? Do you need permission to destroy them? From whom? Read on to learn more. 

To prepare for a high quality, efficient and profitable tax season, you can count on Knowledge Bureau for a world class educational experience customized to your office needs. Here’s why that’s important: tax and estate planning are the fastest-growing service areas in the financial services. To embrace this trend with professionalism and business acumen, the key to success is your highly trained team. Consider the following:

Only 7% of all Canadian tax filers use paper. The CRA wants the number to be close to zero. To that end, it is taking steps to steer the holdouts to join the 93% who file electronically. Who are the winners in this push to digitization? It may well be the tax and financial services community.

As the 2026 tax season approaches, demand continues to grow for skilled professionals who can deliver accurate, compliant, and value-driven tax and accounting services. Knowledge Bureau’s Tax and Accounting Services Specialist Programs are designed to help you earn an industry-recognized specialized credential and position yourself for high-demand roles in tax preparation and accounting.

Last tax season, only 7% of all Canadian tax filers filed on paper. The CRA is pushing for zero. It continues to steer the holdouts to digitized filing by adding lots of obstacles. Most recently, it is removing almost all the schedules from the tax return package it mails. This seems unfair to people who paper file because they can’t afford a computer and internet, distrust the security of online filing and those who are neither tax or computer literate. Here’s what they are up against: