If you're a residential property investor in Canada, you might be wondering about the Underused Housing Tax Act (UHT) and how it affects you. The Canadian Government implemented this tax law to prevent foreigners from hoarding residential properties and not making them available for rent to local Canadians.
However, there's been a lot of confusion about who has the Underused Housing Tax Act filing obligation and the tax payable.
In this video, we clarify everything you need to know about the Underused Housing Tax Act, including what kinds of residential properties are covered by the rule, who is required to file and pay the tax, owners excluded from the filing requirement, exemptions available for affected owners, and much more.
By the end of this video, you'll have a clear understanding of whether you need to file the Underused Housing Tax Act and how to do it.
Key Moments In This Episode
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00:00 - Intro
1:48 - Who does the Underused Housing Tax Act apply to?
2:45 - How to determine if you are required to file the Underused Housing Tax
4:16 - People who do not need to file the Underused Housing Tax
5:39 - Examples applicable to Canadian citizens with UHT filing obligations
7:38 - How to determine if you have a trustee relationship triggering UHT filing obligation
8:00 - Penalty for failing to file Underused Housing Tax
9:02 - Common scenarios that require Underused Housing Tax filing obligation
10:04 - How to determine whether you are a partnership or joint venture relationship
12:33 - Special rules around the underused housing Tax Act
17:03 - Underused Housing Tax filing deadline
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If you have any questions or thoughts after watching this video, leave a comment below, and I’ll respond as soon as possible.
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Please make sure to speak to a professional that knows your personal situation before making a decision.
If you need to talk to someone on my team, email us at [email protected].
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