Underused Housing Tax – The Deadline Approaches (Again)

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. Proposed amendments would change the filing requirements, but have not yet been enacted. 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.

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 April 30, 2024 extended filing deadline. This session includes a discussion of various scenarios that you could encounter and the UHT obligations for each scenario.

TOPICS:

• Proposed changes to the UHT Act and Regulations
• 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 
   

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. 

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., CPA, CA, 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.