As if tax professionals weren’t busy enough in April! There are exemptions but to my understanding it appears that CCPCs, while they may be exempt from the tax, are not considered excluded owners for purposes of the declaration. Which means that in addition to T1 season, we will be filing declarations for all our corporate clients that hold residential property!? The fines for non-compliance are quite steep.
I just wanted to check in with everyone to see what others are doing about this in their firms.
That is the way I read it. @cameron, is Taxcycle doing anything to help us in this process, perhaps not for this go around, as it is new, but on a going forward basis?
I think you are reading this correctly as well. I was surprised that this was not even mentioned in a recent CPA BC tax update. I suppose it didn’t fall under the common taxation area (e.g. income tax, GST), but it will be a major new reporting requirements for many of our CCPC clients.
Anyone has found the forms that need to be filled out. My google search come up blank.
I was surprised they chose April 30th for the reporting deadline. Agree… it will be a major new reporting requirement and we are not seeing much about it as of yet. I haven’t been able to find the forms or any more details so I guess we’ll just wait and see. Perhaps they will give CCPCs an extension this year.
We had asked in January and they said it would be (thanks Tony!) but no ETA on when it would be made available as the form hadn’t been released at that time.
We’ve started working on adding the UHT-2900 recently released form in relation to the underused housing tax, it will be available in our Forms module as soon as we complete the development and testing of it. We don’t anticipate it taking a substantial amount of time to implement so we’re hoping to have it ready around our release closest to the EFILE opening date of Feb 20th.
The fines for non-compliance are quite steep.