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.
The 2024 federal budget proposed to increase the capital gains inclusion rate on June 25, 2024.
Individuals, corporations, and trusts could pay higher taxes on the sale of certain assets with significant accrued gains. This leaves a short window for taxpayers to understand the impact of this change, consider their options, and decide whether to take action.
In this video, Tara Benham, National Tax leader, explains how this change could affect you and key tax planning considerations to keep in mind.
For more details, read our tax alert.
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