To All OREIO Members,
Some of you may have seen this and some may not. Either way, the new UHT is a confusing mess that will likely affect you and the penalties for not filing are egregious.
Simple example, if you have a residential property of 3 units or less within a private corporation, you will have to file. There are many more cases, this is just one example.
And worse, this UHT declaration must be completed by April 30th. And this form is not the easiest to understand.
I strongly recommend that you discuss with your accountant and determine your plan to complete the filing.
Here are a couple of articles that you will find helpful:
Cherry Chan: https://realestatetaxtips.ca/underused-housing-tax-act-applies-to-you/
George Dube: https://georgeedube.com/2023/02/25/underused-housing-tax-real-estate-investors/