As long as return is filed or payable paid by Oct. 31, late penalties and interest will be waived
Published Mar 28, 2023 • Last updated 13 hours ago • 1 minute read
A person walks by a row of houses in Toronto Photo by Cole Burston/The Canadian Press The Canada Revenue Agency has waived penalties and interest for owners who file their underused housing tax return late.
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Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors The federal agency said as long as the return is filed or the payable is paid by Oct. 31, late penalties and interest for 2022 will be waived.
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“The Canada Revenue Agency understands that there are unique challenges for affected owners in the first year of the Underused Housing Tax Act administration,” it said in a press release.
The CRA said the transitional relief will provide more time for affected owners to take necessary actions to comply.
While the deadline for filing the return and paying the payable is still technically April 30, there will be no penalties or interest applied to returns and payments received before Nov. 1, it said.
The agency said as long as the return and the tax identifier application is received before this deadline, the return will not be considered as filed late.
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The underused housing tax, which took effect on Jan. 1, is an annual one per cent tax on the ownership of vacant or underused housing in Canada.
It usually applies to non-resident, non-Canadian owners, but may also apply to Canadian individuals and corporations, the CRA said.
Recommended from Editorial 3 reasons why it’s worth filing your tax return CRA dings taxpayer for RRSP overcontribution due to bank error Toy salesman beats CRA after $1.2-million reassessment Without the relief, individuals who fail to file the return when due are subject to a minimum penalty of $5,000, while corporations are subject to a minimum penalty of $10,000.
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