Based on the Fall Economic Statement, on November 21, 2023, under the proposed changes to the Underused Housing Tax (UHT), for the 2022 reporting period, non-excluded owners of residential properties in Canada must file a UHT return by April 30, 2024, or face a minimum penalty of $1,000 for individuals and $2,000 for affected corporations, rather than $5,000 and $10,000 as previously announced.  See our previous blog for more information pertaining to the UHT filing requirements.

However, for the 2023 reporting period, specified Canadian corporations, specified Canadian partnerships, and specified Canadian trusts meeting certain conditions will be considered excluded owners and exempt from filing a UHT return.

Please consult with your tax preparer for more information.