Effective in 2023, the Government of Canada has introduced the Underused Housing Tax Act (Canada) (the “UHTA”). The affected owners of residential properties in Canada are required to file annual returns and pay underused housing tax.
The following categories of corporations that are owners of residential property in Canada in any capacity may be affected owners under the UHTA:
- Private provincial or federal business corporations
- Provincial or federal not-for-profit corporations
- Corporations that are incorporated otherwise than under the laws of Canada or a province
Please feel free to contact us, if you would like to discuss your corporate compliance under the new Underused Housing Tax Act (Canada).