What does the Underused Housing Tax mean for farm owners?
By Brittany Zehr, CPA, CGA, Senior Manager
Under the new Underused Housing Tax (UHT) many farmers are expected to be “affected owners” given the common ownership structures of farms.
What you need to know:
• An annual UHT return must now be filed for each residential property by certain legal owners (known as affected owners)
• There are exemptions available from the one percent tax, but affected owners will need to file an annual return to claim them
• There is a grace period during this first year of implementation: no penalties or interest will be charged for 2022 returns or payments received by October 31, 2023
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What you need to know:
• An annual UHT return must now be filed for each residential property by certain legal owners (known as affected owners)
• There are exemptions available from the one percent tax, but affected owners will need to file an annual return to claim them
• There is a grace period during this first year of implementation: no penalties or interest will be charged for 2022 returns or payments received by October 31, 2023
Read more