Underused Housing Tax: Impacts to Canadians and Non-Residents
Tax AlertProperty owners with vacant homes in Canada should be aware of the new underused housing tax (UHT), which came into effect on January 1, 2022.
Finance Minister Allan MacMaster tabled Nova Scotia’s budget for the 2023-24 fiscal year (NS Budget 2023) on March 23, 2023.
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NS Budget 2023 projects a deficit of $259.4 million for the 2022-23 fiscal year, compared to a $506.2 million deficit projected in the previous budget.
Fiscal projections for the next four years are as follows:
| Year | Projected surplus (deficit) |
| 2023-24 | ($278.9 million) |
| 2024-25 | ($464.3 million) |
| 2025-26 | ($610.7 million) |
| 2026-27 | ($499.2 million) |
Key insights include:
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No changes to the personal or corporate tax rates, or the $500,000 small business limit.
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Expanded eligibility for the More Opportunity for Skilled Trades (MOST) tax incentive.
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Other notable changes such as significant investments in health care, housing, education, child care, and environmental initiatives.
Visit our Budget 2023 hub to learn more about all federal and provincial budgets.
Disclaimer
The information contained herein is general in nature and is based on proposals that are subject to change. It is not, and should not be construed as, accounting, legal or tax advice or an opinion provided by Doane Grant Thornton LLP to the reader. This material may not be applicable to, or suitable for, specific circumstances or needs and may require consideration of other factors not described herein.
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