The CRA recently provided some welcome news regarding the Underused Housing Tax (“UHT”) administration for the 2022 taxation year.
In short, CRA will waive penalties and interest in respect of late-filed UHT returns and late payments of the UHT, as long as the UHT returns are filed and tax is paid by October 31, 2023.
Nevertheless, if you have any questions about your UHT obligations or require assistance in filing, we recommend that you reach out to your TZR Advisor rather than to wait until the last minute.
If any UHT returns are missed or filed after October 31, 2023, the transitional relief mentioned above would not be granted.
The above content is for informational purposes only and is general in nature. It is not intended to be advice. No person or entity should act upon the information above without receiving professional advice after all the facts and circumstances specific to their situation are thoroughly reviewed.