Canada: CRA extends penalty and interest relief for underused housing tax filing obligations
Owners of residential property in Canada now have until 30 April 2024 to meet tax filing obligations
Owners of residential property in Canada now have until 30 April 2024
The Canada Revenue Agency (CRA) on 31 October 2023 announced that owners of residential property in Canada now have until 30 April 2024 to meet tax filing obligations under the underused housing tax (UHT) rules for the 2022 calendar year.
The CRA will waive penalties and interest for any late-filed 2022 UHT return and for any related late-paid UHT, provided the affected owner files any required returns and pays any related UHT by 30 April 2024. Previously, the CRA said it would only provide relief until 31 October 2023 for affected owners who would have otherwise been required to file these returns by 30 April 2023. Read TaxNewsFlash
Background
Certain Canadian private companies (including bare trustee corporations) and individuals, as well as non-resident, non-Canadian owners, have to file an annual return for specific types of residential property they owned on 31 December 2022, and also determine whether they are liable for a 1% annual UHT on that property.
Read an October 2023 report [PDF 186 KB] prepared by the KPMG member firm in Canada
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.