The Liberal government鈥檚 Underused Housing Tax (UHT) is a fresh reminder of their preference for overreaching into Canadians' wallets. This 1% federal tax, which targets vacant or underused homes, adds complexity without addressing the real housing crisis.
Though this tax is aimed at foreign owners, some Canadians, particularly those with property in trusts or partnerships, might find themselves unnecessarily targeted by this new tax. It is yet another layer of red tape, with a rushed rollout that is now requiring an extension for compliance until April 30, 2024.
Conservatives believe in cutting red tape, not adding to it. We should be focusing on sustainable solutions that stimulate housing supply, not penalizing homeowners with yet another tax. This is not just about foreign investors; it is about the potential for overreach affecting everyday Canadians.
If you own property, check the CRA's new online tool (linked below) to see if you are an "affected owner." This is crucial to avoid the web of penalties and interest this tax could trap you in.
We Conservatives stand for practical, common-sense approaches, not punitive taxes that fail to address the root of the problem. The UHT is a symptom of flawed policy direction 鈥� one that seeks to tax first and ask questions later. Canadians deserve better.
Gerald Soroka, Yellowhead MP
