Underused Housing Tax Form Released

Walter Harder

Canada has a new tax form due on April 30 and it comes with expensive penalties.  Canada Revenue Agency has just released new form UHT-2900 Underused Housing Tax Return and Election Form to be used by non-resident owners of residential property in Canada.  The new underused housing tax is 1% of the value of any vacant or underuse residential property owned by a non-resident individual or corporation.

Failure to file the form by April 30 will result in a penalty of the lesser of:

• $5,000 for individuals ($10,000 for corporations)
• 5% of the tax due for the year
• 3% of the tax due for the year for each complete month that the form is overdue

There’s more:  for non-residents who own more than one property, a separate form must be filed for each underused property owned.

In less than one week this topic will be discussed at the February 7 CE In-Person Summit – which will be held in Toronto, at the Pearson Convention Center.  Please join us for this comprehensive line-by-line tax update to prepare you and your team for tax season 2023.  All attendees will receive the popular 400-plus page Advanced Tax Update Desktop Journal plus the ppt presentations from our celebrated Canadian tax faculty Evelyn Jacks and Dr. Dean Smith.  Can’t be there?  Join us for the online version of this popular course, featuring recorded presentations.

What Other Topics Will be Covered at The CE Summit?

What’s New at Finance Canada -Tax Theory Changes for 2022 and 2023 including

• Families: New Benefits and Clawbacks – Canada Dental Benefit, CCB, CWB, etc.
• Disabled People: Non-Refundable Credits: DTC Enhancements and Notices of Determination and new Medical expense tax credit changes
• Real Estate Investors: Changes for Homebuyers, non-resident owners, multi-generational home renovation tax credits and a full review of the new flipping rules that can eliminate Principal Residence Exemptions
• Employees: a thorough review of important tax deductions including the New Labour Mobility Deduction for Tradespeople
• Investors: a deep dive into investment income sources, capital gains and losses
• Proprietorships: how to manage new CCA rules and claims for little known deductions
• Cross border tax tips critical for high net worth clients

Plus, MUCH MORE! Full Agenda here. Join us at an essential tax summit that will help you network, build deeper connections and most importantly – be ready for your clients during this tumultuous year.

“This was a great, very informative summit! Answered a lot of my questions and gave me points to touch on with my clients.”

-Cathy Losing

*This CE Summit qualifies for Knowledge Bureau designate re-licensing requirements, deadline June 30, 2023. It is also accredited by various provincial accounting and bookkeeping organizations, insurance councils and IIROC (pending approval by the regulators)

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