On April 7, 2022, Finance Minister Chrystia Freeland introduced the 2022 Federal Budget (the “Budget”). Included in the Budget are the following real estate related measures:
- Two-Year Ban on Foreign Homebuyers. The Budget contemplates new rules to prohibit foreign commercial enterprises and individuals who are not Canadian citizens or permanent residents from ...
Canada has recently introduced legislation to implement an Underused Housing Tax (UHT).[1] (You can read our blog on this legislation here) The UHT will apply to non-resident, non-Canadian owners of residential property. As others have pointed out, the UHT contains some unusual policy choices.[2] For example, if the goal of the UHT is to increase housing supply, it should ...
Over the last few months, the Underused Housing Tax Act (the “Act”) has moved through the House of Commons and is currently in the final steps of the report stage. If the Act is ultimately brought into force, it will implement an annual tax of 1% on the vacant or underused residential real estate, directly or indirectly owned by non-Canadians.
Whom does the Underused ...
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