A Joint Taxation Law Section & Real Property Law Section webinar.
Before October 31, 2023, and annually by April 30th of each tax year, Canada’s Underused Housing Tax Act requires owners of residential property in Canada that fall into any one of these categories to report their property ownership to Canada Revenue Agency even if no tax is payable:
• Trustees of non-publicly traded Trust (other than a personal representative in respect of a deceased individual);
• Partners of a Partnership;
• Private closely-held corporations, whether incorporated federally, provincially or internationally; and
• All non-Canadian or non-permanent resident of Canada.
Failure to report by the quickly approaching deadline could result in a minimum penalty of $5,000 for individual owners or $10,000 for non-individual owners, for each property held.
This presentation will provide a complete overview of the Act, reporting requirements and potential planning opportunities.