APPROVED CPD HOURS: 4

Learning Objectives

This is the most comprehensive course on the underused housing tax rules. It covers all the updates, including the 2023 Fall Economic Update. When these rules came into existence, there was a lot of uncertainty and grey areas. As a result, the government provided numerous commentaries and legislative amendments throughout 2023, including the extension of deadlines for the 2022 taxation year to April 30, 2024. If you want to stay up to date, then this is the course to take. In this course, we will explore how the UHT rules apply to Canadian citizens and permanent residents. We will examine what constitutes a partnership when you jointly own a property with your spouse or others, and we will delve into bare trusts and how they impact Canadian citizens and permanent residents.

 This course will delve into the following topics:

i) Defining an owner, excluded owner, and affected owners

ii) Differentiating between residential and commercial property

iii) Distinguishing rental income as property versus business income for the determination of partnership status

iv) Understanding how Canadian citizens and permanent residents are impacted by these rules

v) Understanding how non-residents are impacted by these rules

vi) Identifying properties exempt from UHT tax, exploring all exemptions, including properties rented out, newly constructed, and those not in seasonally accessible areas, among others.

vii) Understanding how UHT tax is computed

viii) Understanding administrative matters, forms, deadlines, fair market value, and multiple property elections

ix) Understanding how to complete form UHT-2900