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Are Your Rental Units “Condos”? Register with CRA or Face Fines!

Author: 
Laura M. Gurr
Publication date:
April 27, 2023
Article Summary: 

Discusses the requirements for condominium corporations to register each corporate-owned condo unit with the Canada Revenue Agency (CRA) under the Underused Housing Tax Act (HTA). The HTA filing deadline for the 2022 registration was April 30, 2023, but there is an extension until October 31, 2023, to avoid fines and penalties for missing the deadline. The post highlights that rental units converted to condo status or developed as rental buildings with condo tenure are still considered "residential property" under the HTA, necessitating separate returns to be filed with the CRA. The blog post lists the types of owners that are considered "affected owners" required to register and mentions the penalties for failing to file a return by the deadline.

Keywords: 

rental units, condos, registration, CRA, fines, penalties, Underused Housing Tax Act, HTA, residential property, affected owners, filing requirements, penalties, underused housing tax, Canada Revenue Agency.

Source Citation: 
Laura M. Gurr
Are Your Rental Units “Condos”? Register with CRA or Face Fines!
April 27, 2023
https://cohenhighley.com/articles/are-your-rental-units-condos/
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