Over the last few months, the Underused Housing Tax Act (the “Act”) has moved through the House of Commons and is currently in the final steps of the report stage. If the Act is ultimately brought into force, it will implement an annual tax of 1% on the vacant or underused residential real estate, directly or indirectly owned by non-Canadians.
Whom does the Underused ...
NOTE: The below article is a shortened version summarizing material information regarding the Empty Homes Tax. Click here for the full version including additional commentary and examples.
1. Vancouver’s new Empty Homes Tax became effective January 1, 2017.
Targeting the approximately 10,000 year-round empty and 10,000 under-occupied homes in Vancouver, homes ...
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