A CCPC Owned by a Canadian resident and citizen (shareholder and director is both a Canadian resident and citizen) and owns 100% of the shares.
The CCPC owns 2 rental properties (both fully leased in 2024 to arms length) under the corporations name.
Is the CCPC an excluded owner and DOES NOT need to file a UHT
OR
Does the CCPC need to file a UHT but NOT pay the taxes as the rental property was fully leased in 2024.
Thanks,
My understanding of the rules is that they have to file because they are a corporation but don’t have to pay anything because it was fully rented.
When reviewing the UHT form you will find your answers.
For 2023 and on Excluded owners include “a specified Canadian corporation (new excluded owner, starting with the 2023 calendar year)”
So does that mean we DONT need to file a return?
How many units are in each of the properties?
1, its a townhouse. one family lives in each townhouse
If you use the online tool (see below), I believe it will tell you that the corporation is an excluded owner and does not have to file. The rules changed as a result of Bill C-69 which received Royal Assent in June 2024.
