On December 15, 2021 the Government introduced Bill C-8. Effective January 1, 2022, the draft legislation proposes an annual 1% tax on the value of non-resident, non-Canadian owned residential real estate in Canada that is deemed vacant or unused (the “Underused Housing Tax” or “UHT”). This tax is reportable and payable by April 30 of the following year, with the first payment due April 30, 2023.

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