The Underused Housing Tax (UHT) Act implements an annual 1% tax on the value of vacant and underused residential properties directly or indirectly owned by those who are not permanent residents or Canadian citizens. It became effective Jan 1, 2022, and the first tax return for year-end Dec 31, 2022 is due on April 30, 2023. Returns must be filed by October 31, 2023 in order to avoid penalties.
Learn more HERE.
NOTE: If you operate your farm through a Canadian corporation or Canadian partnership and it owns a residential property, you will be required to file a UHT return even if no UHT is owed due to applicable exemptions.