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 safe to say that the professional financial community doesn’t agree with the 2017 federal budget proposal to wipe out the Work in Progress rules: 76% to 24% in fact.

The federal budget has put an emphasis on positioning Canada for success in the innovation economy of tomorrow. However, an emerging issue for most professional advisors is what to do about the emphasis CRA has on the reporting of offshore assets and the perceived loopholes private business owners have. 

The Distinguished Advisor Conference (DAC) has established its reputation over the past 14 years as the most comprehensive and strategic educational conference available to tax and financial advisors.

How do you rise above the disruption of technology and realign your value proposition with the values of your prospective new clients and the demands of your current book?

Something’s been missing on your tax return since 2015 and that’s the non-refundable tax credit for minor children. It was canceled in favor of the enhanced Universal Child Care Benefit and the new Family Tax Cut. Both those provisions have since been canceled in favor of the new Canada Child Benefit.

Things must be gearing up for a really busy week in tax accounting offices since the CRA has only received half the returns it is expecting for the 2017 tax filing year. It’s estimated that there will be 29 million tax returns filed this year. Is a big rush still to come before the May 1 deadline? In a word, yes.