Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 04 NOVEMBER 2022

Underused Housing Tax

Lindsay Kenney LLP
Explore more from Lindsay Kenney LLP

The Canadian government is one of the most recent jurisdictions to implement a tax on vacant or underused housing in an effort to increase the housing supply.

CanadaReal Estate and Construction
Navrita Brar
Navrita Brar

The Canadian government is one of the most recent jurisdictions to implement a tax on vacant or underused housing in an effort to increase the housing supply. The federal Underused Housing Tax Act (the “Act”) has put into place an annual 1% tax on the value of underused “residential property”.  For British Columbians, particularly for those living in Vancouver, a tax on underused or vacant homes is already a familiar concept with the well-established B.C. Speculation and Vacancy Tax and Vancouver's Empty Homes Tax. However, the federal Underused Housing Tax has some key differences that owners of residential property will want to pay close attention to.

When Does It Come Into Effect

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

About Mackrell International – Canada - Lindsay Kenney LLP is a full service business law firm with offices in Vancouver and Langley, BC and a member of Mackrell International. Mackrell International – Canada is comprised of four independent law firms in Alberta, British Columbia, Ontario and Quebec. Each firm is regionally based and well-connected in our communities, an advantage shared with our clients. With close relations amongst our Canadian member firms, we are committed to working with clients who have legal needs in multiple jurisdictions within Canada.

This article is intended to be an overview and is for informational purposes only.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Ontario’s Mandatory Annual Holdback Release Starts In 2027: What Owners And Contractors Need To Know

Starting in 2027, all Ontario project owners with contracts entered into on or after January 1, 2026, and most owners with contracts dating back to July 1, 2018, must start releasing statutory holdback to their contractors on an annual basis. This requirement is the latest in a series of construction payment reforms under Ontario’s Construction Act. It replaces the traditional model of retaining holdback until substantial performance. Owners and contractors who fail to comply with the notice and payment timelines face exposure to interest claims, payment disputes, and adjudication proceedings.
CanadaReal Estate and Construction
Miller Thomson
Miller Thomson
Article

Holdback Deficiencies And Mortgage Priority: Court Of Appeal For Ontario Clarifies S. 78(2) Of The Construction Act

The Court of Appeal for Ontario has resolved a critical uncertainty in construction law regarding how holdback deficiencies should be calculated when owners fail to retain statutory holdbacks. The decision addresses whether contractors who have already been paid can claim additional priority over construction mortgages, and establishes important boundaries to prevent double recovery while balancing the interests of all parties in the construction pyramid.
CanadaReal Estate and Construction
Aird & Berlis LLP
Aird & Berlis LLP