March 27th Briefing ; Underused Housing Tax in Canada

Bo Knows Real Estate - Winnipeg's Real Estate Podcast

Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for… Monday, March 27th, 2023…

Today is National Spanish Paella Day and, I cant read this……..oh yeah, National Scribble day.

If you own investment property in Canada, listen up: New rules enacted by CRA may require you to file special forms by April 30th.

Its called the Underused Housing Tax and has a nasty surprise built in. You see there are two parts to this: One is the question of whether you owe any new tax on your properties. If you’re a Canadian citizen or resident, you may be excempt from the tax, however that’s not the nasty part: The surprise is that you may likely be required to at least FILE a special form by April 30th this year. And failure to simply file this form can result in up to $10,000 fine PER PROPERTY.

So my advice: If you own rental property, check with your accountant or tax professional about the Underused Housing Tax…. My accountant tells me that a LOT of people are unaware of this new rule.

I want to thank Garret Wong of Upper Edge Property Management for bringing this to my attention.

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