Under the UHT rules, affected owners are generally required to file an annual return for each reportable property they own as of December 31, and pay the 1% UHT where applicable. The CRA has issued UHT guidance that may help owners assess how the UHT applies in specific situations, including where a property has recently sold, newly constructed property and converted residential properties, among other potential circumstances. Although the 2022 UHT filing deadline of April 30, 2023, has already passed, the CRA has indicated that it will provide relief from late-filing penalties and interest to affected owners that file their UHT returns for the 2022 calendar year and pay any related UHT by October 31, 2023.

Download this edition of the TaxNewsFlash to learn more.