In the latest twist around a new federal tax on foreign-owned underused and vacant homes, Ottawa is proposing to largely scrap filing requirements that would also affect many Canadian and permanent resident homeowners and some Canadian corporations. But the changes would only apply starting in 2023, excluding the year 2022, when the measure first came into effect. The filing exemption reflects changes sought by the Chartered Professional Accountants of Canada.
The organization, which represents accounts at the national level, had warned the current design of the tax implied onerous obligations for many Canadian homeowners and certain Canadian corporations. “We were very pleased,” said John Oakey, vice-president of taxation at CPA Canada, about the proposed revisions. But the fact that the exemption would not extend to 2022 creates “uncertainty” for those Canadians who would be required to file for that year and for the tax professionals advising them, Mr. Oakey added
Ottawa Tax Foreign-Owned Homes Filing Requirements Canadian Homeowners Canadian Corporations Exemption Chartered Professional Accountants Of Canada
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