Non Resident owners need to be very aware of this

gr8dlr wrote: ↑ This is coming and filing start this Spring. If you are or know someone who is non-resident, you better get your stuff in order.

You must file even if your the house is occupied...to claim an exemption. A failure to file [even if the house is occupied] is $5,000 for individuals.

https://www.mnp.ca/en/insights/director ... ng-tax-act

The rules require residential property owners (with some exceptions, as discussed below) to file an annual UHT return (Form UHT-2900), even if only to claim an exemption from the tax. As a result, many Canadian corporations, partnerships, and trusts — including those with no foreign ownership or foreign beneficiaries — that hold residential property are required to file a return for each property annually even where no tax is payable. Significant penalties apply if the UHT return is not filed on time.

Sam286 wrote: ↑ Ontario is finally catching up with BC in terms of scalping property owners.
We‘ve been doing this paperwork for over 3 years here now.

In a couple of years every property owner in any major Canadian city will have to file 3 property declarations annually in order to avoid extra taxation: one with your Municipal government, another one with the Provincial government and one more with the Federal government.

Basically non-action means you’ll be on the hook to pay extra taxes. No matter what is your status.

Property owners, especially investors (no matter the status) are easy targets and politicians don’t mind getting some extra points.

And then each level of government will start hiking and expanding the tax penalties. Vancouver EHT went from 1% to 5% in a matter of a couple of years.

Trusts not to be entered
62 (1) A notice of an express, implied or constructive trust shall not be entered on the register or received for registration. R.S.O. 1990, c. L.5, s. 62 (1).

Description of owner as a trustee
(2) Describing the owner of freehold or leasehold land or of a charge as a trustee, whether the beneficiary or object of the trust is or is not mentioned, shall be deemed not to be a notice of a trust within the meaning of this section, nor shall such description impose upon any person dealing with the owner the duty of making any inquiry as to the power of the owner in respect of the land or charge or the money secured by the charge, or otherwise, but, subject to the registration of any caution or inhibition, the owner may deal with the land or charge as if such description had not been inserted. R.S.O. 1990, c. L.5, s. 62 (2).

Sam286 wrote: ↑ Ontario is finally catching up with BC in terms of scalping property owners.
We‘ve been doing this paperwork for over 3 years here now.

In a couple of years every property owner in any major Canadian city will have to file 3 property declarations annually in order to avoid extra taxation: one with your Municipal government, another one with the Provincial government and one more with the Federal government.

Basically non-action means you’ll be on the hook to pay extra taxes. No matter what is your status.

Property owners, especially investors (no matter the status) are easy targets and politicians don’t mind getting some extra points.

And then each level of government will start hiking and expanding the tax penalties. Vancouver EHT went from 1% to 5% in a matter of a couple of years.

BiegeToyota wrote: ↑ Just wondering why did you indicate that non resident owners should be aware of this. I read the article and it seems to apply to residents too.

Edit:

I think you meant people who are not residing in the their own property. Non residents are people living outside Canada.

LordOfTheManor wrote: ↑ More beautiful overhead from Federal Libs.

Land Titles Act specifically prohibits registration of trust information. Only records legal title holder.



Where is this federal “Beneficial Ownership Registry”? Hopefully PP takes charge and reverses this Lib garbage, along with the tax on passive income inside a corp nonsense Trudeau added. How are they even going to know about any such arraignments if the property is not producing any income? These guys make me so mad!

Bring back the bearer shares! Stay out of my business!

Now we will have to file this UHT exemption for EVERY property held by a Corporation, THANKS TRUDEAU!

rfduser123 wrote: ↑ This is federal level tax. Ontario has done nothing, so far. Toronto has emputy home tax.

BiegeToyota wrote: ↑ File how? Can my accountant do this for me?

a week ago I enquired about evicting a tenant because I will return to Canada.

Now I think it is just better to sell instead and put my money in the country where my property rights are respected.

Already I am not allowed to even raise rent to match inflation or taxes. I am not in the business of solving Canada's housing problem.

BiegeToyota wrote: ↑ Just wondering why did you indicate that non resident owners should be aware of this. I read the article and it seems to apply to residents too.

Edit:

I think you meant people who are not residing in the their own property. Non residents are people living outside Canada.

gr8dlr wrote: ↑ Applies to

owned by any non-resident, non-Canadian

Sam286 wrote: ↑ All private corporations, partnerships, and trusts which own residential property in Canada have to file.
Not just non-residents.

LordOfTheManor wrote: ↑ A “Trust” does not hold legal title to property in Canada.

BiegeToyota wrote: ↑ So, just to clarify. This will need to be filed not before April 2024?

BiegeToyota wrote: ↑ So, just to clarify. This will need to be filed not before April 2024?