,

Watch! Life in the Tax Lane - March 2023

,

This FREE 10-minute video for Canadian Tax Professionals includes rapid-fire discussion of select recent developments in the wonderful world of Canadian tax presented by the Video Tax News Team. 

Sources:


Featured seminars:

Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information visit videotax.com/disclaimer. ©Video Tax News Inc. 2023, All Rights Reserved.

Now available! Brandable Quick Reference Chart — Underused Housing Tax

The newly introduced UHT imposes a 1% annual tax on the value of residential real estate considered to be vacant or underused that is owned on December 31 of each year. Filing and potential taxes will extend to many Canadian corporations and individuals, including CCPCs, trustees and partners of a partnership. Penalties for failure to file the return (even where no tax is payable) start at $5,000 for individuals and $10,000 for corporations.

With the first filings and taxes due May 1, 2023, time is ticking on identifying impacted clients and gathering information to file the return properly.

To assist in navigating these new filing requirements and tax liabilities, Video Tax News has prepared a Quick Reference Chart incorporating legislation and CRA commentary as of February 1, 2023.

We have heard from many financial professionals asking if they could brand this practical chart and use the resource to communicate this complicated initiative to their clients. 

The answer is yes!

Inform your clients of the basics of these new requirements and the consequences if these are overlooked. 

The Brandable Quick Reference Chart — Underused Housing Tax (UHT) is now available for purchase!

Subscribers can add your letterhead and other branding and distribute to your clients via email, posting on your website, social media, etc.

Get ready to support your clients as they better understand how the UHT impacts them and their businesses.

,

Watch! Life in the Tax Lane - February 2023

,

This FREE 10-minute video for Canadian Tax Professionals includes rapid-fire discussion of select recent developments in the wonderful world of Canadian tax presented by the Video Tax News Team. 

Sources:

Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information visit videotax.com/disclaimer. ©Video Tax News Inc. 2022, All Rights Reserved.

 
 

Underused Housing Tax – Quick Reference Chart

*Updated chart reflects the proposed amendments for 2023 and later years (see Bill C-69). This chart should not be used for 2022 filings.

The Underused Housing Tax (UHT) imposes a 1% annual tax on the value of vacant or underused residential real estate owned on December 31 of each year. While the government indicated that the tax would target property owned by non-resident non-Canadians, some Canadian corporations and individuals must still file the UHT return and may even be liable for the tax. Numerous exemptions from the tax liability itself exist, but significant penalties can apply where the required return is not filed, even if no tax is payable. Filings and taxes are due by April 30 of the following year.

To assist you in navigating these filing requirements and tax liabilities, Video Tax News has prepared a Quick Reference Chart incorporating legislation and CRA commentary as of July 16, 2024. The specific legislation, regulations and administrative policies of CRA should be reviewed for a complete and detailed understanding.

Please note: This Quick Reference Chart is for accounting and financial professionals. Video Tax News does not provide consulting services. Please contact your accountant or other advisor for specific questions on the UHT legislation.

Due to the novel and evolving nature of this tax, minor changes might be made to the chart, as necessary, to adjust references, resources, or commentary.

 
 
,

Watch! Life in the Tax Lane - January 2023

,

This FREE 10-minute video for Canadian Tax Professionals includes rapid-fire discussion of select recent developments in the wonderful world of Canadian tax presented by the Video Tax News Team. 

Sources:

Life in the Tax Lane is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information visit videotax.com/disclaimer. ©Video Tax News Inc. 2022, All Rights Reserved.