The Underused Housing Tax & your farm operation
By Kurt Oelschlagel, BDO Canada LLP
In June 2022, the Underused Housing Tax (UHT) Act received Royal Assent and is now law. It implements an annual 1% tax on the value of vacant and underused residential properties directly or indirectly owned by those who are not permanent residents or Canadian citizens. It became effective Jan. 1, 2022 and the first tax return for year-end December 31, 2022, is due at the end of April 2023.