Underused Housing Tax - What would change starting 2023

Changes starting with the 2023 calendar year

• More Canadian owners would be included in definition of excluded owner

  • Refer to: Determine if you are an affected or excluded owner

• Additional category in which affected owners may qualify for an exemption from paying the tax

  • Refer to: Exemption for employee accommodations

• Exemption for vacation properties added to the list of certain exemptions to which an adjusted penalty calculation may apply

  • Refer to: Certain exemptions non-applicable for the penalty calculation

Changes starting with the 2022 calendar year

• The original minimum penalty for individuals and corporations would be reduced

  • Refer to: Penalties and interest reduction and exceptions

• You may need to amend a return you previously filed and file additional new return(s) for a residential property

  • Refer to: If you are the owner in more than one capacity

• For UHT purposes, certain residential condominium units would be removed from the definition of residential property

  • Refer to: Prescribed residential property