Podcast 53: There’s A New Tax for Landlords in Canada?
Why is there a new landlord tax in Canada? It's not so much the tax, it's the convoluted method of filing for this. Who is "affected" vs "excluded", and what are the "exemptions"? Once you understand this new tax, the terminology will all make sense, but really, why?
Yes it's the new 2022 UHT (Underused Housing Tax). The filing deadline already got extended once from April 30, 2023 to October 31, 2023, so up until then everyone was in panic mode trying to file on time to not get these SIGNIFICANT penalties (minimum fine of $10,000 for late filing for corporations). ON THE DAY of the extended filing deadline, they extended it another 6 months to April 30, 2024.
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