UHT (Underused Housing Tax) Federal Vacant Housing Tax The Underused Housing Tax (UHT) is a federal tax primarily targeting non-Canadian residents and corporations that own vacant or underused residential properties in Canada.The UHT rate is 1% of the property’s value, and it came into effect on January 1, 2022. How UHT Is Calculated The property value is determined as the greater of either: The government-assessed property value, or The most […]
Selling Your “Principal Residence” Without Paying Tax? Be Careful! Many homeowners believe that when they buy a property, live in it for a short time, and then sell it as their principal residence, they do not need to pay tax on the profit (capital gain). However, several recent cases have shown that this assumption can be risky. One such case, Wall v. The Queen, involved a dispute over the definition […]