Underused Housing Tax (UHT) – CRA Extends Deadline

by: Warren Kleiner, Evan Holt, Rabab Meen

The Canada Revenue Agency has extended the deadline for Underused Housing Tax (UHT) filings related to the 2022 calendar year from October 31, 2023 to April 30, 2024.

Key Points:

• Owners affected by the UHT will now have until April 30, 2024, to file their returns for the 2022 calendar year, without incurring penalties or interest charges.

• This transitional relief aims to assist more affected owners in complying with the new law, which is part of the Government's strategy to increase housing availability for Canadians.

• The Canada Revenue Agency will waive penalties and interest for any late-filed UHT returns and late-paid UHT for the 2022 calendar year, provided that the return is filed and the UHT is paid by the new deadline, April 30, 2024.

This extension comes in response to the initial challenges of implementing the UHT and is expected to provide much-needed relief to affected owners. The previous deadline was October 31, 2023.

Please be sure to review your ownership status and the UHT requirements to ensure compliance with this significant tax regulation.