The fall economic statement from the Minister of Finance introduced changes to the definition of “excluded owner” in the UHT Act, now encompassing specific Canadian corporations, partnerships, and trusts. This means that these excluded owners won’t have to file a UHT return, simplifying many practices, except for cases genuinely involving non-Canadians. This change will likely ease the rush to complete these filings alongside T1s, eliminating concerns about Canadian citizens forming partnerships or co-ownerships, or a child acting as a bare trustee for their parents.
Link to supplementary info on tax measures: Tax Measures: Supplementary Information | 2023 FES
Link to explanatory notes: Explanatory Notes to Legislative and Regulatory Proposals Relating to the Underused Housing Tax Act
Link to draft legislation: Legislative and Regulatory Proposals Relating to the Underused Housing Tax Act