Underused Housing Tax (UHT) – CRA Waives Penalties and Interest

The newsletter article on the SRCondoLaw website discusses the underused housing tax (UHT) and the recent decision by the Canada Revenue Agency (CRA) to waive penalties and interest related to UHT non-compliance. The article explains that UHT is a tax imposed on vacant or underused residential properties in certain municipalities to encourage homeowners to make their properties available for occupancy. The article highlights that the CRA has recognized the challenges faced by property owners in complying with UHT requirements during the COVID-19 pandemic and has decided to provide relief by waiving penalties and interest for non-compliance. It provides details on the criteria for eligibility and the process for requesting penalty and interest relief. The article advises property owners who may have been subject to UHT penalties and interest to review their situations and consider taking advantage of this opportunity to rectify any non-compliance and avoid financial burdens. It also emphasizes the importance of staying informed about local housing tax regulations and seeking professional advice to ensure compliance with applicable laws and regulations.