Underused Housing Tax – RW Avail October 17, 2023

The new Underused Housing Tax became effective January 1, 2022. While it does apply primarily to non-residents, it also requires corporations, trusts (including bare trusts) and partnerships that hold residential property to file an annual return or face a stiff penalty. The extended deadline for these returns is October 31, 2023. Join us for an expanded webinar in which we will take a detailed look at this new tax, discuss who has to file the return, what   exemptions are available and the filing requirements.

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 and what you need to know before the upcoming October 31, 2023 extended filing deadline. The webinar will include a discussion of various scenarios that you could encounter and the UHT obligations for each scenario.

TOPICS:

• Are you an excluded owner or an affected owner?
• Do you have a filing obligation?
• Definition of residential property
• Ownership exemptions
• Specified Canadian corporations, partnerships and trusts
• Exemptions based on type of property or use
• Vacation or recreational properties
• Primary place of residence and multiple residences
• Qualifying occupancy
• Determining the property value
• Calculating the tax
• Completing and Filing the return
• Penalties
• Assessments and Objections
• Sample Scenarios
• Impact on property dispositions
• Related Taxes

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

MINIMUM REQUIREMENTS:

You will require an Internet connection and a phone/voice connection at the same time. Most attendees use their computer for the audio. Participants are able to submit questions and comments during the session via a Q&A text panel. Terms, conditions, pricing and services subject to change.

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 specific situation.

Registrations for each Live Webinar are available until the start of each program. We reserve the right to substitute speakers in the case of instructor illness. In the event that we must cancel a Live Webinar, all registrants will be notified immediately and given the opportunity to either transfer their registration to another Live Webinar or a Recorded Webinar or obtain a refund. For all Live Webinars that are recorded, participants will have access to the recording for 12 months following the Live Webinar. Partial credit will not be awarded for attendees that are not present for the entirety of the Live Webinar. Credit will not be awarded if an attendee does not answer all of the polling questions (where applicable). Additional credit will not be awarded due to the instructor presenting over the allotted time.

THIS WEBINAR INCLUDES:

• 12 months to review the webinar recording
• 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.