Canada Revenue Agency Extends Filing Deadline for Underused Housing Tax – Again
The Government of Canada previously announced that the filing deadline for Underused Housing Tax returns for the 2022 calendar year was extended from April 30, 2023, to October 31, 2023.
On October 31, 2023, the Canada Revenue Agency announced that the filing deadline was extended again. Affected owners now have until April 30, 2024, to file their Underused Housing Tax returns for the 2022 calendar year without being charged penalties or interest. The new filing deadline for the 2022 calendar year coincides with the filing deadline for the 2023 calendar year.
An affected owner in respect of a property is an owner who is required to file a return, but is not required to pay the Underused Housing Tax. Examples of affected owners include Canadian private corporations and bare trusts.
Failure to file a required return will result in a minimum penalty of $5,000 if the person is an individual or $10,000 if the person is not an individual.
If you have any questions or would like more information on the Underused Housing Tax, please contact a member of our Tax Group.