Canada’s persistent housing crisis, particularly high demand for, and low supply of residential rental properties has caused all levels of government to step in. From the Underused Housing Tax to provincial and local home vacancy taxes, to prohibitions on short-term rental properties, CPA’s and their clients need to be aware of these various indirect tax and other government measures when owning or investing in residential real estate.

This course will cover the fundamentals of Canada’s Underused Housing Tax (“UHT”) in connection with ownership of residential properties by both Canadians and non-Canadians.  This course will review who must file a UHT return, when and how to file the return and pay any applicable tax.  

This course also covers the various possible exemptions available to owners that must file the return, but who may not have to pay the 1% tax on the property’s value. The proposed changes announced in November 2023’s Fall Economic Statement, have now been passed into law and have been incorporated into the course.

The latter portion of the course will explore on a high level, the various different provincial and regional/local vacancy taxes and other disincentives affecting residential properties in Canada.

• describe how the UHT applies to Canadian and non-Canadian individuals, corporations, partnerships and trusts as well how the rules apply to non-Canadian ownership by individuals, corporations, partnerships and trusts
• apply the UHT and other Canadian provincial and regional/local residential indirect housing taxes and compliance systems currently in place across Canada
• advise clients that own or who wish to invest in residential property in Canada, whether they are foreign or domestic clients and/or investors

• Underused Housing Tax
• British Columbia (“BC”) Speculation and Vacancy Tax
• BC’s Short-Term Rental Accommodations Act
• Vancouver Empty Homes Tax
• Ontario Non-resident Speculation Tax
• Toronto Empty Homes Tax
• other local or provincial short-term rental restrictions and prohibitions 

Course Content Created: November 2024

Presenter

About This Product

On-Demand Courses by CPA PRO are either video recordings from live seminars, or video recordings produced specifically for the on-demand audience. Slides and any corresponding handout materials are included where available.These titles are eligible for Verifiable CPD Hours – in order to claim these hours as verifiable, you will be required to successfully complete a short quiz. You will be able to print or save your electronic certificate of completion.

Note that some courses comprise both formal instruction and self-directed exercises. In such cases, participants must complete both components to claim full CPD hours, or must reduce their reported CPD hours accordingly.

Please note that not all on-demand courses include downloadable materials such as course notes or slides.

How to get started

Upon completion of purchase, go to mylms.bccpa.ca and log in using your CPABC Online Services credentials. Click “Go to your Courses and Materials” to go to your Learning Center, then find and click on your course title.