Bill C-8 Underused Housing Tax Act
Bill C-8 recently received Royal assent and affects non-residents of Canada who own residential property from the 2022 calendar year and each year thereafter, so long as this Bill is in effect.
The Bill imposes an annual 1% tax on the value of each property owned by a non-resident of Canada and that is not subject to an exemption.
The tax must be paid to the Receiver General by April 30th of the following calendar year. For example, tax owing for calendar year 2022 must be paid by April 30, 2023.
A person who is an owner of one or more residential properties on December 31 of a calendar year must file a return for each residential property that they own in Canada, unless the individual is considered an excluded owner.
Please contact our office to determine your tax obligations and whether you qualify for any exemptions, if this information pertains to you.
Disclaimer: The information contained in this blog is intended to provide general guidance to the reader only and is not to be used as a substitute for consultation or tax advice. Further, this information is provided with the understanding that neither the author nor WittCPA Inc. are herein engaged in rendering tax advice or any other services.