Underused Housing Tax Act

The Underused Housing Tax Act is an Act respecting the taxation of underused housing. It defines key terms such as "assessment", "bank", "business number", and "citizen". The Act also establishes a tax on underused housing, with certain exemptions for specified Canadian corporations, partnerships, and trusts. A person is considered an owner of residential property if they are identified as an owner in the land registration system or could reasonably be considered an owner based on such a system. The Act sets out rules for determining ownership percentage and defines excluded owners, including individuals who are citizens or permanent residents. It also provides definitions for terms such as "hazardous condition", "long-term lease", and "residential property".