Underused Housing Tax - Know Your Reporting Obligations, AC Rec Web Avail March 22, 2023

OVERVIEW

The new Underused Housing Tax became effective January 1, 2022. While it does apply primarily to non-residents, it also requires corporations, trusts and partnerships that hold residential property to file an annual return or face a stiff penalty. Join us for a detailed look at who is affected by this new tax, what the exemptions are available and how to file this new return.

DETAILS

Budget 2021 proposed the introduction of a national underused housing tax to ensure that “foreign, non-residents, who simply use Canada as a place to passively store their wealth in housing, pay their fair share.” However, as we will discuss in this webinar, the impact of this new tax goes beyond affecting only non-residents.

Join Maureen Vance CPA, CA for a comprehensive discussion of the new Underused Housing Tax with emphasis on the upcoming April 30, 2023 filing requirement. And with our one hour format, your time will be optimized for this PD event!

TOPICS:

·       Are you an excluded owner or an affected owner?

·       Do you have a filing obligation?

·       Definition of residential property

·       Exemptions for certain properties

·       Vacation or recreational properties

·       Primary place of residence and multiple residences

·       Qualifying occupancy

·       Ownership exemptions

·       Specified Canadian corporations, partnerships and trusts

·       Determining the property value

·       Calculating the tax

·       Penalties

·       Impact on property dispositions

·       Provincial and municipal measures

LEARNING OBJECTIVES:

·       Be aware of who has to file the annual UHT return

·       Understand the available exemptions

·       Discover how to file the return

·       Learn what penalties might apply

TARGET AUDIENCE:

This webinar will be of most interest to accountants, lawyers and other tax professionals advising clients as well as anyone responsible for tax compliance within their organization. It may also be of interest to real estate professionals and investment advisors.

PROFESSIONAL DEVELOPMENT CREDITS (CPE HOURS):

Wolters Kluwer professional development programs are designed to meet the continuing education requirements of a variety of professional associations. These requirements do vary by association and region. Please consult your provincial association to ensure this webinar meets the continuing professional development standards for your spec/ific situation.

THIS WEBINAR INCLUDES:

• Print version of the presentation slides

• PD Certificate for 2 hours

PRESENTER:

This webinar is being presented by:

Maureen Vance B. Com., CA, CPA, a tax consultant at Wolters Kluwer Canada

Maureen obtained her CA with Peat Marwick Mitchell (a predecessor of KPMG) and joined Taxprep (now part of Wolters Kluwer) in 1985. She completed the CICA In-depth tax course in 1991, and since 2002, she has been a consultant to Wolters Kluwer on tax and compliance issues. Maureen researches and writes material on tax planning and compliance and presents seminars and webinars on various tax and software topics to accounting firms across Canada. She is a member of the CRA-CPA Canada Technology Working Group, a contributor to the CPA Canada Tax Risk Management Guide, a contributing author for the Wolters Kluwer publications Preparing Your Corporate Tax Returns and Preparing Your Partnership Returns and a frequent contributor to various other Wolters Kluwer Canada publications, including Tax Topics.