The Underused Housing Tax (UHT) is an annual 1% tax on the ownership of vacant or underused housing in Canada that took effect on January 1, 2022. The tax usually applies to non-resident, non-Canadian owners. In some situations, however, it also applies to Canadian owners. UHT returns are due by April 30 each year with significant penalties for late filing even if there is no tax owing.
For the 2022 tax year, CRA has extended the filing deadline to October 31, 2023. Corporations and partnerships that have residential property must file UHT returns even if the shareholders and partners are Canadian. Please refer to CRA’s site for more information.
If you only have income from slips such as T4's (no farming or business income) you must file your tax return and pay any amounts owing by May 1, 2023 to avoid interest and late filing penalties. (If you will have no balance owing on your tax return and file after the deadline, you will not be assessed late filing penalties HOWEVER you may stop receiving your benefit/credit payments such as GST and Canada Child Benefit.)
If you have self-employed income (farming or business income), the deadline to file your return is June 15, 2023. However, you are still required to pay any balance owing by May 1, 2023.
*** We strongly recommend CEBA repayment before December 31, 2023 ***
The deadline to repay CEBA loans to receive a portion forgiven and not pay interest has been extended to January 18, 2024 for eligible loan holders in good standing.
Please contact your bank for full details.
If you are looking for a new loan to pay out the CEBA loan, there is an extra deadline date. Applications for refinancing must be received by your bank by January 18, 2024 and approved before March 28, 2024. Loan forgiveness is still available if you meet these deadlines. If you go take this option, we recommend that you apply for refinancing well before the deadline.
For those who miss the deadline for loan forgiveness, the government has extended the CEBA term to December 31, 2026. The interest rate will remain at 5.00% for the extended period.