Can you believe that we are already a quarter of the way into 2024? Where does the time go?!
As we approach tax season, Canadian property owners must ensure they're prepared to meet the upcoming and past deadlines for filing their 2023 taxes. With just over 30 days left, it's essential to understand the various taxes associated with property ownership and other real estate assets.
Some of the taxes that you might need to file include;
Empty Home Tax - past due (February)
Spec Tax - past due
UHT 2022 & 2023 - deadline is April 30th for both years
T3 tax filing trust by the end of March
Flip tax - if this falls under your portfolio
The government is acknowledging that you will likely be exempt from a lot of them, but you will not be exempt from the penalty if you do not file them.
Given the complexity of Canada's tax system and the nuances of property-related taxes, seeking guidance from a qualified accountant or tax advisor is highly recommended.
Please note, that this is advisory only and all statements should be cross-checked with the official publications, rules and laws.