Month: January 2022

Underused Housing Tax – more exclusions coming?

Finance has provided additional details for the 1% Underused Housing Tax on non-resident, non-Canadian owned residential real estate in Canada that is considered to be vacant or underused. Legislation to implement the Underused Housing Tax Act (UHT Act) is included in Bill C-8, which received first reading on December 15, 2021. The new annual tax …

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CEBA loan repayment extended

The Canada Emergency Business Account (CEBA) program has provided interest-free, partially forgivable loans to nearly 900,000 small businesses and not-for-profit organizations to help them navigate the pandemic and remain resilient. However, the Omicron variant has delayed the recovery for businesses in many parts of the country. Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister …

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