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Property owners with vacant homes in Canada should be aware of the new underused housing tax (UHT), which came into effect on January 1, 2022.
In its last update on August 12, 2024, the Department of Finance (Finance) released draft legislation that proposes changes to these rules, which were originally enacted on December 15, 2022. It’s critical that you determine your trust’s reporting requirements each tax year as the non-compliance penalties are significant.
Bill C‑15 became law March 26, 2026, implementing tax measures from Budget 2025, Budget 2024, and FES 2024 affecting businesses and trusts.
Bare trust returns remain required for the 2026 tax year and onward. Review arrangements early to identify if you have a bare trust and avoid potential CRA penalties.
Further proposed amendments to the AMT rules released by Finance on August 12 may impact certain taxpayers. It's important to determine if you're affected and talk to your advisor about potential next steps.
The substantive CCPC concept proposed in Budget 2022 aims to eliminate certain strategies corporations have commonly used to defer tax.
Eligible manufacturers in Ontario could receive up to $3 million per year on certain purchases of manufacturing and processing property, under the Ontario made manufacturing investment tax credit.
Federal GST relief offers enhanced rebates to landlords building new purpose-built rental housing.