Underused Housing Tax – Deadline Extension
The Minister of National Revenue has extended the deadline until April 30, 2024, for owners affected by the Underused Housing Tax (UHT) to submit their returns for the 2022 calendar year, eliminating penalties or interest charges. This announcement offers a valuable opportunity for our clients impacted by the UHT, providing them with additional time to meet their compliance obligations following the recent implementation of the law.
This interim relief measure aims to facilitate affected owners in fulfilling their obligations under the new law. In line with this, the Canada Revenue Agency (CRA) will refrain from imposing penalties and interest on UHT returns filed late and UHT payments delayed for the 2022 calendar year. This waiver is conditional upon the timely submission of the return and the settlement of the Underused Housing Tax by April 30, 2024.
Here is a quote by Marie-Claude Bibeau, Minister of National Revenue.
The Underused Housing Tax is one part of our plan to combat the housing shortage. We understand that many homeowners may not be aware that they are subject to this new law. This is why I want to ensure that every effort has been made to inform homeowners and help them meet their obligations.
While the deadline extension provides some relief, it remains crucial to submit your Underused Housing Tax (UHT) information to the Canada Revenue Agency (CRA) promptly to avoid potential penalties. Timely submission ensures compliance with the regulations, and K&P CPAs are here to assist you throughout this process. If you have been affected by the UHT or require guidance on fulfilling your obligations, don’t hesitate to reach out to us. Our team is ready to provide expert support and help you navigate the intricacies of UHT submissions, ensuring a smooth and accurate process. Your proactive action in this regard will safeguard against penalties and contribute to a seamless compliance experience.