Most initially believed the Underused Housing Tax Act would impose reporting and tax obligations only on non-Canadian and non-permanent residents owning residential property in Canada. But in fact, the Act also imposes reporting obligations on many Canadian residential property homeowners. And failure to meet those obligations exposes non-compliant individual owners to a minimum penalty of $5,000 and corporate and other owners to a minimum penalty of $10,000.
The compliance deadline is fast approaching on May 1. It’s critical that affected owners act now or risk exposure to penalties and interest. Join McInnes Cooper Tax Lawyer Matthew Orrell for a discussion about the Act’s reporting obligations, which owners must – and which need not – report, the exemptions from the 1% tax, and other key issues to watch out for.
Please contact your McInnes Cooper lawyer or Matthew Orrell to discuss how we can help you understand your obligations.
McInnes Cooper has prepared this webinar for information only; it is not intended to be legal advice. You should consult McInnes Cooper about your unique circumstances before acting on this information. McInnes Cooper excludes all liability for anything contained in this document and any use you make of it.
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