June 17, 2022

On June 16, 2022, Deputy Prime Minister Crystia Freeland announced an “Affordability Plan” to tackle the ongoing price increases in the economy. These measures are meant to help Canadians weather the recent price increases for goods and services.

If you own residential property, you should be aware of the newly proposed Underused Housing Tax (“UHT”) set to take effect on January 1, 2022. The UHT is a national, annual 1% tax on the value of non-resident, non-Canadian-owned residential real estate that is vacant or underused.