The Ontario Federation of Agriculture wrote to Deputy Prime Minister and Finance Minister about the Underused Housing Tax (UHT) filing requirements outlined in the 2023 Fall Economic Statement.
The UHT is a one percent tax that is applied to the value of vacant or underused housing.
Canadian farm business partners and farm corporations owning residential property are considered "affected owners.”
As an affected owner of residential property, they will need to file for exemption from having to pay the UHT or to calculate the UHT they owe.