There is nothing like a vacation at a remote Canadian cabin. The fishing is great, the days are quiet, and night sky is amazing. And this year, the Canada Revenue Agency is there to welcome you:
Canada has a new 1% annual Underused Housing Tax on the ownership of vacant or underused housing in Canada. The tax usually applies to non-resident, non-Canadian owners. In some situations, however, it also applies to Canadian individuals and corporations. If you’re an affected owner of residential property in Canada, you must file a return for the underused housing tax by April 30, 2023, for each property you owned on December 31, 2022. To determine if the underused housing tax applies to you, please visit Canada.ca/cra-uht. For more technical information, visit our Underused housing tax notices page.
"Residential property" includes:
• a detached house or similar, containing not more than three “dwelling units,” that is used as a place of residence for individuals
• a part of a building, including a semi-detached house, rowhouse unit, residential condominium unit or other similar premises, that is used as a place of residence for individuals
Contact Shannon Smith at Eide Bailly to learn more.