Underused Housing Tax Regulations

The Underused Housing Tax Regulations 2022, c. 19, s. 116, were enacted by section 116 of chapter 19 of the Statutes of Canada, 2022. These regulations came into force on December 15, 2022, with certain sections being in force before or on December 31, 2022. The Act defines 'Act' as the Underused Housing Tax Act.

Excluded residential property is prescribed if a person that owns all or substantially all of the units in a building with four or more condominium units is also the owner of the unit and holds them for continuous occupancy by individuals for at least one month. This definition applies to properties excluded from the Act due to being part of a building with four or more units.

The regulations also prescribe specific census metropolitan areas, population centres, and specified census agglomerations as areas where certain conditions apply. These conditions include that a person must use their residential property as a place of residence for at least 28 days during the calendar year and indicate on their return whether no tax is payable. If a person carries on business in Canada with their residential property primarily used to provide a place of residence or lodging, they are subject to these conditions.

Additionally, the regulations require individuals to provide their Social Insurance Number when filing returns under the Act.