Other Services

UNDERUSED HOUSING TAX

The Underused Housing Tax (UHT) is an annual federal 1% tax on the ownership of vacant or underused housing in Canada. 2022 is the first year for this program and UHT forms, including any payments due, must be filed by April 30, 2024 due to extensions by CRA. The 2023 UHT forms will also be due on April 30, 2024.

Be aware that many Canadians do not realize are required to file UHT returns for 2022. Even if you qualify for an exemption that does not mean you do not have to file!

Common scenarios where you need to file:

  • Your corporation owns residential real estate, including farmland with a house
  • You are a partner in a partnership with residential real estate rental income (this may include spouses who are both on the title and both splitting the income on your tax returns)
  • You are a child on title for your parent’s property for estate planning purposes.
  • You are a parent on title for your child’s property for financing purposes.
  • You own real estate in Canada but are neither a Canadian Citizen nor a permanent resident.

We encourage everyone to review the UHT filing requirements on the CRA website and contact us if you require assistance.

***UPDATE December 2023***
For 2023 UHT forms, CRA has changed the filing requirement so if the filer is a “specified” Canadian Corporation, Partnership, or Trust (meaning all members are Canadian citizens or permanent residents) then they DO NOT have to file a return starting in 2023. ¬†They are not exempt from filing in 2022 so they must still file and pay the UHT if it applies by April 30, 2024 for the 2022 year. Many people will have to file 2022 but be exempt in 2023 and moving forward.

BARE TRUST REPORTING

New reporting requirements starting in 2024 for bare (informal) trusts. This affects anyone holding any property worth $50,000 or more that someone else is the beneficial owner of. There are many more scenarios so please contact your tax preparer if you think this might apply to you.

Common scenarios where you need to file:

  • You are a child on title for your parent’s property for estate planning purposes.
  • You are a parent on title for your child’s property for financing purposes.
  • You are on the bank account for a parent or child but you have no beneficial ownership of the money.

T4A and T5018 SLIPS

If you hire workers who are not on payroll then you must file T4A slips (or T5018 slips if you work in construction). We can file these slips for you if you provide us with the worker’s name, address, GST# or SIN#, and the total amount paid in the previous calendar year. T4A slips have an additional requirement starting for the 2023 year to provide a code that identifies whether or not the worker is entitled to any dental benefits provided by your company (see our Payroll Services section for more details on this).

WORKER’S COMPENSATION

We can assist you in setting up your WCB account and filing annual returns.

INTERNATIONAL FUEL TAX (IFTA) AND CARBON TAX

Truck drivers with IFTA need to file quarterly IFTA returns and we can file those for you, just provide us with your mileage and fuel reports. Carbon Tax (aka Fuel Charge) is also quarterly and based on numbers calculated from your IFTA return which we can also file for you.