Canada’s Underused Housing Tax Act: Canadian entities may be required to file new tax returns

Canada’s new Underused Housing Tax Act (UHTA), which came into effect on 1 January 2022, contains tax filing requirements. The first filing deadline is 30 April 2023.

It is important that taxpayers consider the implications of the tax filing requirements as they relate to their Canadian residential property holdings as there are significant penalties for non-compliance.