You may have heard about a new tax and filing requirement for owners of residential properties and are wondering if it impacts you. The answer for the vast majority of you is No.
If you are a regular Canadian homeowner living in your primary residence, you are excluded from this tax and filing. For everyone else, please use this Reference Chart provided by Video Tax News to determine whether you need to file:
There are hefty penalties imposed for not filing this new return and/or not pay the tax so the responsibility is daunting at an already intense time of year. As a result, Cody & James will be charging for filing this separate tax return and we do encourage you to use the form provided by CRA to file it yourself.
CRA has finally updated their site and created the new form for filing and calculating your UHT. Click here to view the CRA website.