The Government of Canada has proposed a new Underused Housing Tax (UHT) applicable to residential real estate throughout the country.
According to our Canadian firm, BLG, Bill C-8, currently before Parliament, proposes to enact the Underused Housing Tax Act (the Act) and can be traced back to the Government of Canada’s Fall Economic Statement 2020.
Additional revisions may affect this new tax regime. Real estate owners are advised to consider how the Act may apply to them and whether they will be able to claim an exemption. Read the article in full here.
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