Do you own Canadian Real Property?
If you are not a Canadian Citizen or legal resident, and you own real property in Canada, you are now required to file an “Underused Housing Tax Return” (“UHTR”) and Election Form by April 30, 2023 and each year thereafter. There are no exemptions from filing this return. If the return is not filed, by the April 30th deadline, there is a $5,000 fine for individuals. There are several exemptions from the tax, and if the real estate is a seasonal residence, you most likely will qualify for an exemption and no tax will be due. But you still must file the return. To file the tax return, you must obtain a Canadian Tax ID number from the Canada Revenue Agency. There is a backlog in obtaining these numbers so apply immediately if you need to file the UHTR.
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