Underused Housing Tax Situations Applicable to Canadians for 2022

  1. A parent who adds an adult child on title of a property. In these circumstances, there may be no change in beneficial ownership from the parent to the child if the child is holding the property in favour of the parent and there was no intention to gift.

    The adult child would be required to file the UHT return as a trustee of the trust. If multiple children are added on title, each child would be obligated to file the UHT return as a trustee of a separate trust.
  2. An adult child who adds a parent on title of a property to qualify for a mortgage. In these circumstances, the parent may not have contributed anything to the property and is holding the property in favour of the child.

    The parent would file the UHT return as a trustee of a trust.

Underused Housing Tax Penalties and Interest Waived

Underused Housing Tax Changes for 2023

Trust Filing and Disclosure Requirements

  1. A parent who adds an adult child on title of a property. In these circumstances, there may be no change in beneficial ownership from the parent to the child if the child is holding the property in favour of the parent and there was no intention to gift.
  2. An adult child who adds a parent on title of a property to qualify for a mortgage. In these circumstances, the parent may not have contributed anything to the property and is holding the property in favour of the child.
  3. Bare trustee arrangements where the legal title owner of property does not also hold beneficial ownership.
  4. Shares of private corporations held “in trust” by a parent or other individual. These arrangements are common where minor children are shareholders in private corporations, particularly professional corporations where only individuals are permitted as shareholders.
  5. Bank or investment accounts held “in trust” by a parent or other individual. These accounts may have been created to hold funds of a minor child.

The Way Forward

Tag Archives: ‘Underused Housing Tax’

Underused Housing Tax Situations Applicable to Canadians for 2022

Underused Housing Tax Situations Applicable to Canadians for 2022 12.05.2023

The Underused Housing Tax (UHT) while presented as a tax that is applicable to individuals who are not Canadian citizens or permanent residents, can alsoRead More

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