It’s Tax Time!

Tax season is upon us and it is once again time to gather and send us your personal tax information. To assist you, our Personal Tax Organizer and Schedules are designed to provide guidance as to the information we require to prepare your 2022 personal tax returns.

When your files are ready, we request that you send them to us via our client portal, or in a manner that is most convenient for you, along with the completed Personal Tax Organizer(s) and applicable Schedules.

IMPORTANT NOTE REGARDING THE UNDERUSED HOUSING TAX (UHT):

We have previously written about the new Federal tax and annual filing requirements for the UHT. Effective January 1, 2022 a new Federal tax and annual filing requirement has been introduced for owners of residential properties.

Although Canadian citizens or permanent residents of Canada are generally exempt from the tax and related filing requirements, where title to residential property is held in a corporation, partnership, or trust, a new “UHT-2900” return may be required to be filed by April 30, 2023.

Please note that this filing is separate and in addition to the T1 personal tax return and substantial penalties may apply to non-compliance and/or late filings even where there is no balance of tax owing.

If you own residential property where special structuring has been implemented involving the use of a nominee / bare trustee (i.e. for probate planning purposes, etc.), or are not a Canadian citizen and/or permanent resident of Canada, please provide us with details as soon as possible so we can properly
advise you further.

As always, please get in touch if you have questions or need further details.