UHT filing requirements

At the end of March 2023, the CRA quietly announced transitional administrative relief for the 2022 calendar year to allow affected owners more time to comply with the UHT filing requirements.

While the deadline for filing the returns and paying taxes remains May 1, 2023, penalties and interest under the UHT legislation will be waived if CRA receives form UHT-2900 and any tax owing by October 31, 2023.

However, please note that any affected owners relying on the election to use the fair market value of the property for calculation of UHT taxes or the election to designate a property as a primary residence under the UHT must file the elections by the May 1, 2023, deadline. 

This is welcome news to affected owners and accounting firms such as ours.  For any clients who have engaged or are looking to engage Lekadir to complete the filings on their behalf, we will be utilizing this relief provision and file UHT returns after the personal tax deadline of May 1, 2023.  Please do not hesitate to reach out to your accounting manager or firm contact if you require further information.