Executive summary
On 9 June 2022, Canada’s Bill C-8, Economic and Fiscal Update Implementation Act, 2021, received Royal Assent and was enacted. Bill C-8 implements certain measures announced in the federal economic and fiscal update tabled on 14 December 2021, as well as Canada’s new underused housing tax.
More specifically, Part 2 of the bill enacts the Underused Housing Tax Act (UHT Act), which implements an annual 1% tax on the value of vacant or underused residential property directly or indi…