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

 

 

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