Ryan Talks Tax Podcast | Episode 20 | Canada’s Underused Housing Tax
The Ryan Talks Tax Podcast is designed to keep you up to date on the latest developments in Canadian tax and government funding initiatives. Listen to our experts discuss emerging issues, significant legislative changes, and recent government announcements.
In Episode 20, we learn about Canada’s Underused Housing Tax (UHT). Introduced in the 2021 federal budget, this new tax on certain residential housing in Canada came into effect for 2022, with the first returns and remittances due in 2023. Jeffrey Shaw and Lisa McIntosh offer their insights on why the UHT has flown under the radar of many owners and what the government hopes to accomplish through its implementation.
Our guests also explain which housing owners are affected by the UHT and how the tax is calculated, while providing information on available exemptions, return filing deadlines, and the potential for significant penalties, including recently announced relief for late-filed returns and remittances.
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