Tax

This article examines the risks of leaving a house vacant for an extended period, particularly during retirement or vacations. Potential issues include theft due to lack of security, fraud with vacant homes being sold, higher insurance costs, and various vacant home taxes.

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The Canadian Federal government has introduced the Underused Housing Tax Act (UHT) to prevent foreign buyers from purchasing residential properties and leaving them vacant. The act came into effect on January 1, 2022, and the filing requirements and forms were recently released by the Canada Revenue Agency (CRA). Note that this is not the same as the Toronto Vacant Home Tax. It is important to note that...