You want to "Be That Business" – the one that's organized, informed, and thriving. But to get there, you need to understand how your business actually works. That's where the "Be That Business Newsletter" comes in. Each month, you'll receive essential Canadian business deadlines for the month ahead, plus practical tips and resources to help you master your records, data processes, and the inner workings of your business. Let's move beyond just ticking boxes and build a business with intention. You cannot manage what you do not monitor, but knowing what and how to monitor efficiently and accurately avoids wasted time, money, and double work. Compliance is the foundation, but understanding how your business actually works and leveraging that information and data for growth? That’s where the magic happens! ✨
My Business Reminder for October!
Hello Reader!
Welcome to October 13th 2023! If you have employees, let this be your reminder! Monday October 16th payroll taxes are due! Save Time! Pay Online! Save Money! Pay On Time!
Today's I have a note about the UHT Return. It's due on Oct 31st, and may effect you...
1 Business Reminder for October:
- UHT; Underhoused Housing Tax Return: If you own or have an interest in a residential property in Canada with 3 or less units you may need to file an Underused Housing Tax return by Oct 31, 2023.
Failing to file the 2022 return by Oct 31, 2023, even if you don’t owe any tax, could put you at risk for a $5,000 fine per owner, per property for non-corporate owners or $10,000 per owner, per property for corporate owners.
The underused housing tax return can be found here: UHT-2900 Underused Housing Tax Return and Election Form
Although the Underused Housing Tax is a new tax for the 2022 calendar year intended to tax foreign owners of vacant or underused residential properties in Canada, the scope of filing requirements extends to many Canadian Individuals and Entities, and may apply to you.
Even if all owners of the residential property are Canadian citizens, the underused housing tax return may need to be filed if you own the property through a trust, partnership or private corporation. Each owner or trustee of each property must file a separate UHT tax return by Oct 31, 2023.
If you are the sole owner of a residential property in Canada, and are a Canadian citizen, then you are exempt from filing this tax return. If you own a residential property with your spouse that you live in year-round, then you are exempt from filing this tax return. Any other situation where a residential property is owned by more than one person, or where more than one person has a beneficial interest in that residential property, should be assessed for tax filing obligations.
You can assess if this tax return applies to your situation on a per property basis using this link: UHT: Who Must File
Video Tax News also has a Quick Reference Chart regarding the UHT.
If you are required to file for 2022 then you will need to file annually. The 2023 UHT return is due Apr 30, 2024.
What are your personal tips and tricks for creating efficient processes? I'd love to share them in an upcoming newsletter, and give a shout out to your business!
|
Be Intentional Today! Naomi Wilkins Let's Get Social! Disclaimer: This Newsletter is intended to inform readers in general terms. It is not intended to provide any tax or business advice. Please consult your accountant if you have any questions about your unique situation. While I have tried to ensure the accuracy of the information in this newsletter, I accept no liability for errors or omissions. |
Be That Business Newsletter
You want to "Be That Business" – the one that's organized, informed, and thriving. But to get there, you need to understand how your business actually works. That's where the "Be That Business Newsletter" comes in. Each month, you'll receive essential Canadian business deadlines for the month ahead, plus practical tips and resources to help you master your records, data processes, and the inner workings of your business. Let's move beyond just ticking boxes and build a business with intention. You cannot manage what you do not monitor, but knowing what and how to monitor efficiently and accurately avoids wasted time, money, and double work. Compliance is the foundation, but understanding how your business actually works and leveraging that information and data for growth? That’s where the magic happens! ✨
Hello Reader! Welcome to September 29th 2025! In this Newsletter: What’s due at the end of September? My Three Favorite Resources for October! What due dates are coming up in October? Events and Updates! What’s Due End of September? Note that Sept 30th falls on National Day for Truth and Reconciliation, a federal public holiday. So the Sept 30th due dates below falls to the next business day, in this case, Oct 1st. Here are some end of September due dates that may apply to your business; If...
Hello Reader! Welcome to August 31st 2025! In this Newsletter: What’s due at the end of August? My Three Favorite Resources for September! What due dates are coming up in September? What’s Due End of August? Note that Aug 31st falls on a Sunday this year, and Labour Day is Monday Sept 1st. When this happens, the CRA Deadline falls to the next business day, in this case, September 2nd for all Aug 31st noted deadlines below. If you are incorporated, and you owed greater than $3k in corporate...
Hello Reader! Welcome to July 30th 2025! In this Newsletter: What’s due at the end of July? My Three Favorite Resources for July! What due dates are coming up in August? Updates: FFF Zooms and the GGG Case Study What’s Due End of July? Q2 ended June 30th! (The second calendar quarter of 2025; April May & June). So end of July is one of the busy ones! Here are some end of July due dates that may apply to your business; If you file your GST/HST Quarterly, the standard quarter of April to June...