Underused Housing Tax (UHT) For Residential Properties
Whistler Accountants interpreted The Government of Canada’s (GOC) Underused Housing Tax Act (UHT) and noted that clarity was required regarding rental and business income properties. This tax pertains to some residents and all non-residents of Canada. For residents, it comes down to who is on the title for the property. See the link above for all the restrictions. Note: the author of this blog is a realtor, not an accountant. It is important to read the UHT government page and talk with your accountant.
The UHT Act affects non-resident owners. The GOC site refers to an annual 1% tax on the ownership of vacant or underused residential housing. Meaning that the non-resident owner (or their spouse, or common law partner) of a property used as a residence has to make use of the property for more than 28 days to be exempt from the UHT. One would hope that anyone owning a home in Whistler is enjoying the mountains and nature more than 28 days a year.
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