Starting in 2023, for the 2022 tax year, an annual tax will apply on the taxable value of a vacant or underused residential property that is directly or indirectly owned by a non-resident non-Canadian.
Canadian Underused Housing Tax Highlights
- 1% annual tax will apply on the taxable value of a vacant or underused residential property that is directly or indirectly owned by a non-resident non-Canadian, and in some cases, a Canadian.
- CRA filing must be submitted yearly by April 30.
- Excluded Owners do not have to file with CRA. Typically, Canadian Citizens and permanent residents of Canada are Excluded Owners, but not in all cases.
- This tax applies to all of Canada.
View All Details of the Canadian Underused Housing Tax
- View all the details of the Canadian Underused Housing Tax
We recommend contacting obtaining professional advice from a real estate tax expert and/or lawyer to confirm all the details and confirm whether this tax will apply to you.
Contact us if you have any questions.
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