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.

There are several tax credits that students, their parents and teachers should be sure to claim on their 2016 tax returns. Here’s a synopsis of them; the trick is to keep documentation for the claims now.

In the end, it was a philosophical battle that tested who is best responsible for the future of retirement savings in Canada: only 18.6% of respondants to Knowledge Bureau’s July poll question answered yes when asked, “In your opinion, is the enhanced CPP a better retirement savings plan than putting the equivalent amount of premiums into a TFSA?” The remaining 81.4% voted no—in favor of the tax-paid contributions to a tax-exempt savings vehicle over mandatory, partially deductible contributions to a taxable fund.

Knowledge Bureau is pleased to welcome Portfolio Strategies as the Exclusive Sponsor of the Distinguished Master Financial Advisor Graduation Luncheon at the Distinguished Advisor Conference, November 6-9 in San Diego. Portfolio Strategies’ President, Mark Kent, will be on hand at this prestigious event to congratulate graduates and present them with their designation pins and special gifts.

Bookkeeping is the cornerstone of any small business. In fact, keeping track of cash flows is a key stressor more many.  That’s where a highly qualified professional bookkeeper comes in:  to help steer the business into calm waters before any waves come aboard.  If you want to be that professional, Knowledge Bureau’s Advanced Bookkeeping for Multiple Business course is the best choice to up your game.

Do you want to learn a whole new way of thinking about your business so you can be at least 100 times more excited about your future? Bill Bishop, CEO of Bishop Communication Inc. and publisher of Disrupter Magazine, will explain how in his must-hear session at the Distinguished Advisor Conference 2016.  Final registrations are open now to September 30.

Whatever you want in life, other people are going to want it too. Believe in yourself enough to accept the idea that you have an equal right to it. Diane Sawyer