Dear TLA Members from the USA, UK, Germany, and Australia,
As a Lake Temagami property owner, you are most likely exempt from paying the UHT. A substantial fine can, however, be applied if your UHT form is not filed on time. The good news is that the Canada Revenue Agency recently decided not to apply a fine if your return is filed by October 31, 2023.
Here is a statement from the website:
“The Canada Revenue Agency (CRA) understands that there are unique challenges for affected owners in the first year of the Underused Housing Tax Act (UHTA) administration.
To provide more time for affected owners to take necessary actions to comply, the Minister of National Revenue is providing transitional relief to affected owners. The application of penalties and interest under the UHTA for the 2022 calendar year will be waived for any late-filed underused housing tax (UHT) return and for any late-paid UHT payable, provided the return is filed or the UHT is paid by October 31, 2023.
This transitional relief means that although the deadline for filing the UHT return and paying the UHT payable is still April 30, 2023, no penalties or interest will be applied for UHT returns and payments that the CRA receives before November 1, 2023.”
Please click on the following link for further details: www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2023/underused-housing-tax-penalties-and-interest-waived.html.