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.

It’s your last chance to participate in Knowledge Bureau’s trivia contest,

Darren Ryan, an insurance and financial services professional in St. John’s, NL, shares his thoughts about attending last year’s Distinguished Advisor Conference

CRA is proposing changes to its Voluntary Disclosure Program (VDP). In response, Knowledge Bureau submitted the following comments for government review in advance of the August 8, 2017, consultation deadline: 

Renting out the basement, or even just a room, in one’s home has long been a great way to tap into an additional stream of income to improve cash flow, enhance savings or reduce debt.

If your clients own assets abroad, they must submit Form T1135 Foreign Income Verification Statement to CRA to disclose whether they had “specified foreign assets” held during the year, if the total cost at any time exceeded $100,000 Canadian. 

New provincial rules were finalized earlier this month governing the use of Pooled Retirement Pension Plans in Manitoba.