Web17 Feb 2024 · Bare trust or nominee corporations holding residential property in Canada on December 31 are required to file an Underused Housing Tax Return by April 30 of the following calendar year. The inaugural Underused Housing Tax Return is due April 30, 2024. The Underused Housing Tax Act (the “ Act ”), which came into effect on January 1, 2024 ... Web30 Mar 2024 · Underused Housing Tax Return (UHTR) - Filing Extension March 30, 2024 The Canada Revenue Agency (CRA) understands that there are unique challenges for affected …
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Web22 Feb 2024 · The UHTA seeks to tax residential properties that are considered to be vacant or underused and not owned by citizens or permanent residents of Canada. Beginning in 2024, this tax – referred to as the Underused Housing Tax (UHT) – is assessed at one per cent of the property’s assessed value (or most recent sale price) on an annual basis. Web4 Mar 2024 · This legislation is identified as the “underused housing tax.”. The first tax return must be filed no later than April 30, 2024, and if a strata corporation owes any taxes they must be ... image cleaning services limited
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Web17 Mar 2024 · This webinar provided participants with a detailed summary of what the Underused Housing Tax entails, the types of properties it applies to and who it applies to. ... Presenters explained how the tax is calculated and provided an overview of available exemptions. Also discussed was information regarding the requirements for filing a UHT … Web19 Jan 2024 · Failure to do so exposes the corporate owner to a minimum fine of $10,000 per property – a total exceeding $100,000 depending on the value of each property and reporting time. Excluded Owners. Excluded owners, as defined under section 2 of the Underused Housing Tax Act, are not required to report or pay tax. Web14 Jan 2024 · Every person who, on December 31, is an owner (other than an excluded owner) of a residential property is liable for a tax equal to 1% of either the fair market … image cleaning online