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.

Knowledge Bureau is pleased to announce that Craig Dowden, the top-rated speaker at DAC 2015, will speak at this year’s Distinguished Advisor Conference, Nov. 6-9 in San Diego. Early registration is now open until June 30. An outstanding agenda of 18 illustrious speakers has now been released.

The quest for highly qualified, professional bookkeepers with sharp tax knowledge and financial stewardship skills is an important one, yet they are hard to find.  Knowledge Bureau’s professional certification and designation programs fill that gap and add value to tax, bookkeeping and financial services offices.

"It is neither wealth nor splendor; but tranquility and occupation which give you happiness." Thomas Jefferson

Whenever possible, avoid adding a large lump sum to your taxable income in one tax year.  This can be especially problematic when a severance package or termination payment on retirement is received.

Bill C-15 Budget Implementation Act, 2016, No. 1 has passed in parliament and has moved on to the Senate for approval.  This Bill implements some, but not all, of the tax measures introduced in the 2016 Federal Budget.

The Distinguished Advisor Conference agenda, has just been released, chocked full of opportunities to build knowledge and business skills and earn valuable continuing professional development accreditation:  check it out for yourself and learn more about the 19 thought leaders who will inspire you!