Does the Underused Housing Tax apply to you?
If you answer YES to any of these questions, you must file an Underused Housing Tax return:
- Does your privately owned Canadian corporation own residential property?
- Are you a non-Canadian citizen or permanent resident who owns residential property?
- Are you a trustee of a trust that owns residential property?
- Are you in a partnership that owns residential property?
If any of the above apply to you, we can help you complete the Underused Housing Tax Return.
What if you fail to file a return?
Penalties for not filing the UHT return can be significant!
For individuals, the penalty is the greater of $5,000 and a percentage of the UHT tax owing, and for corporations, the penalty is the greater of $10,000 and a percentage of the UHT tax.
This means that the lowest amount of penalty that would apply would be $5,000 for individuals and $10,000 for corporations.
The deadline to file is May 1, 2023.
The fee to prepare returns by FBC's tax specialists is $450 (per return + tax)
Fill in the form to request assistance with your return.
About FBC
70 years ago, we were founded on the belief that Canadians should receive every benefit of filing their taxes.
To this day, our focus hasn’t changed. We support Canadian business owners just like you, to bring you financial peace of mind and help you hold on to more of your hard-earned money.
We help you pay less tax and will support your back office needs through affordable bookkeeping and payroll services.
We work around your schedule. Whether it’s on-the-go, at your job site, or at your kitchen table, we are where you need us to be.