Underused Housing Tax Guide in Plain English

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In this video, Joe explains Canada’s Underused Housing Tax (UHT) in plain English. After watching this video, you'll understand who has to file a UHT return and who has to pay the Underused Housing Tax.
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🎥 CONTENTS OF THIS VIDEO
00:43 - Intro: What Is the Underused Housing Tax (UHT)?
01:10 - What the Underused Housing Tax is NOT
02:05 - UHT Terminology
03:15 - Who Must File a UHT Return and Who Must Pay the UHT?
04:16 - Step 1 - Are you subject to the UHT rules?
04:55 - Step 2 - Are you required to file an annual UHT return?
07:04 - Most Common Excluded Owners
07:39 - Step 3 - Are you required to pay the Unused Housing Tax?
08:28 - Step 3A - Exemptions Based on Type of Owner of the Property
09:54 - Step 3B - Exemptions Based on Availability of the Property
11:11 - Step 3C - Exemptions Based on Occupancy of the Property
12:39 - Step 3D - Exemptions Based on Location and Use of the Property
13:27 - Step 4 - Calculate the Unused Housing Tax
14:11 - Step 5 - File Your UHT Return
14:55 - How to File a UHT Return
17:18 - Where to Send Your UHT Return
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🔗 MENTIONED IN THIS VIDEO
► Co-Owners vs Partners
www.canada.ca/en/revenue-agen...
► Specific Definitions for Canadian Corporations, Partnerships, and Trusts
www.canada.ca/en/revenue-agen...
► Definition of Substantially Completed
www.canada.ca/en/revenue-agen...
► Definition of Designated Learning Institution
www.canada.ca/en/immigration-...
► Vacation Property Designation Tool
apps.cra-arc.gc.ca/ebci/sres/...
► UHT 2900 FORM
www.canada.ca/en/revenue-agen...
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Опубликовано:

12 июн 2023

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Комментарии : 19

@publicbusinessaccounting637 6 месяцев назад

Very well explained, I watched and learned this video and Earned thousands of dollars.

@NanceeDroo 3 месяца назад

Hello- are there any updates from the CRA regarding the UHT? Like, do Canadian citizens who own two properties in Canada, have to file a UHT form for each property? Neither properties are rentals - adult children of owners live in one house while attending university and parents live in the other house. Both houses are in the name of the parents on the land title.

@ptrazz11 5 месяцев назад

Finally found the answer I have been looking for. Thank You!

@AvalonAccounting 5 месяцев назад

Glad we could help!

@bradvancuren103 2 месяца назад

Thanks!

@AvalonAccounting 2 месяца назад

Thanks so much Brad - this means a lot!

@JohnHui-hu7gc 3 месяца назад

If I have an exemption, how do I fille out part 8. Do I still calculate the tax own IF I had to pay. How do I indicate that I will not owe any tax because I have an exemption [rented out to someone]

@Tracey66 10 месяцев назад

Great video on a very confusing tax (was the aim of the tax to make filing so confusing that foreign investors stay away just because of the paperwork? :) ).

@AlexOvechkinSucks 9 месяцев назад

Does it really matter how foreigners feel about a little extra paperwork, and only paying $10k per million on unused homes? In that case, I’d say jack up the rate to 2%. What I don’t like is how confusing it is to Canadian residents, and people that are providing safe and secure housing for Canadians. Those people likely have enough on their plates dealing with mountains of expenses and enough paperwork already.

@bre-maraccounting281 5 месяцев назад

Is this only to be filed in the case of underused or vacant homes? What is the definition of that? Would you have to file this return in any cases where the home is not vacant or underused if you are an affected owner?

@mihirpatel9555 9 месяцев назад

If three friends owns a rental property. Do we need to file for UHTA?

@ansonlee706 3 месяца назад

If the wife is on title of the principal residence but the property is actually own 50/50 between husband and wife, does the wife need to file uht?

@gardenia8213 9 месяцев назад

Thanks for the video. I would like to clarify this scenario: husband and wife are jointly registered the investment property, both are Canadian permanent residents. However, only husband is claiming the rental income due to their financial reason. In this scenario, does wife considered as affected owner? Thanks

@AlexOvechkinSucks 9 месяцев назад

I’m no expert, but I think there’s a high likelihood you’ll have to file, be an ‘affected owner’ but won’t have to pay the tax. It’s really silly that spouses aren’t exempt in that way, but there’s probably something to it where they’re trying to keep loopholes closed for foreigners trying to game the system. At least I hope so.