Under the C-8 Act, the Government has implemented a 1% annual tax on the fair market value of “underused residential property” owned by non-resident, non-Canadians. For instance, a home bought for $1,700,000 in 2018 with a current fair market value of $2,000,000 will incur a $20,000 tax.
UHT Deadline Extended to April 30, 2024
The Underused Housing Tax Return & Payment for the 2022 calendar year – penalties (minimum $5,000 or $10,000) are now waived if filed and any tax owing is paid by April 30, 2024. More details, you could check here: UHT If you need help with UHT, you could contact us.