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Mar 9, 2023 · Canada’s new Underused Housing Tax Act contains tax filing requirements and significant late-filing penalties that could impact Canadian owners (other than individuals) of residential real estate. The new legislation came into effect on 1 January 2022, and the first filing deadline is fast approaching on 30 April 2023.
Mar 12, 2024 · The UHT is an annual 1% tax on the ownership of vacant or underused housing in Canada, effective in 2022 and subsequent years. The CRA twice extended the deadline to file a UHT return for 2022 without incurring penalties or interest. The annual filing deadline is April 30.
- Penalties and interest waived until April 30, 2024
- Penalties and interest exceptions for 2022
- Penalties and interest for failing to file the return on time
- Document navigation
Residential property owners that are affected by the Underused Housing Tax (UHT) have until April 30, 2024, to file their returns and pay the tax for the 2022 calendar year without being charged penalties or interest.
Penalties and interest exceptions 2022
The due date to file your return, make any elections, and pay amounts you owe is:
•April 30 of the following calendar year
Penalties and interest will be waived if we receive your return and amount you owe by April 30, 2024.
Penalties and interest were previously waived until October 31, 2023, but this has been extended.
The deadline for making any elections for 2022 is also April 30, 2024. Elections can be made within your Underused Housing Tax return.
If you have elected to use the fair market value (FMV) for a residential property, for your calculation for 2022, the FMV must have been established between January 1, 2022, and April 30, 2023.
There are significant penalties if we do not receive your return when it is due.
You will also have to pay interest if we do not receive amounts you owe (tax payable) when it is due.
For more detailed information, refer to:
•Penalties for failing to file a return
•Next: How to complete the return and calculate the tax
There is transitional relief for the first applicable tax year, 2022, where the return is due by April 30, 2023. Although the deadline for filing the UHT return and making payments is still April 30, 2023, no penalties or interest will be applied for UHT returns and payments that the CRA receives before November 1, 2023.
The Underused Housing Tax is an annual federal 1% tax on the ownership of vacant or underused housing in Canada that took effect on January 1, 2022. The tax generally applies to foreign national owners of housing in Canada.
Oct 5, 2023 · Canada’s Underused Housing Tax Act (UHTA) will soon be entering its second year of enforcement. The first UHTA filing and payment deadline for affected owners for the 2022 calendar year, which was extended by the Canada Revenue Agency (CRA) to 31 October 2023, is fast approaching.
People also ask
When is a 2022 tax return due?
When do I need to file a UHT return for 2022?
Will Canadian property owners be excluded from UHT filing requirements for 2023?
When does the UHT tax come into effect in Canada?
When should I file my 2023 tax return?
What are the changes to the UHT law in 2022?
Apr 27, 2023 · The tax took effect on January 1, 2022, and generally applies to non-resident, non-Canadian owners, although some Canadian owners can be subject to the UHT as well, so they should carefully review their obligations under the UHT Act before the May 1, 2023, deadline (described below).
