The UHT May Be Cancelled, But Vacancy Taxes Remain

As tax professionals, you are keenly aware of the constant changes our federal government makes to the Income Tax Act. Adjustments are made, and you must adapt. Not often, though, is a tax eliminated altogether. But in the case of the Underused Housing Tax (UHT), that is exactly what has happened – it was cancelled in the federal budget of November 4, 2025, but Canada’s underused housing taxes have not been eliminated. Here’s what you need to know for tax season 2026.

Over age 65 and still working?  Should you stop contributing to the CPP at age 65 in favour of a TFSA contribution?  It’s a commonly asked question.  In fact, the TFSA has an especially important multi-generational role in 2020. 

The federal government confirmed that a cap will be applied to the preferred tax treatment of certain employee stock options in their November 30 Fall Economic Statement.  A correction has been made to our Special Report in regard to this figure.

Will COVID-19 push you into retirement? It’s a concept for the times as more teachers, health care workers, business owners and others face their exhaustion from the changes forced upon them by the devastating COVID-19 pandemic.  Others have faced job termination before choosing their own retirement date. Fortunately, a new edition of Master Your Retirement by best-selling author Doug Nelson, CFP, CLU, MFA™, RWM™, CIM can help.  We asked Doug why he wrote the book and how it will help with these important deliberations.

Are you training new and returning staff working in independent tax filing firms? Are you a CPA in public practice, a financial advisor, public trustee, legal or financial assistant, municipal officer, payroll or software company serving individuals and business owners with tax compliance?  Knowledge Bureau’s acclaimed Advanced T1 Tax Update 2021 for 2020 T1 Returns has gone to a live, virtual format to provide a detailed refresher for a national audience.  Join us for the live event on January 20, 2021, then complete the comprehensive Line-by-Line Advanced T1 Tax Update Course online.  Early registration ends January 15.

It’s a good time to register for our new Winter Study Session:  we’re calling it a training “sprint” and it runs from December 16 to February 15.  You can start anytime at your convenience, but here’s the advantage:  you’ll have another professional credential under your belt before tax season. . .and you’ll save an extra $50 on certificate course tuition, too. Here’s a sneak peek at our newly published courses for the winter session:

In its second economic update since the start of the pandemic, the federal government announced a continuation of pandemic support measures for individuals and business owners. The detailed 237-page Fall Economic Statement outlines a continuation of an unprecedented level of spending over a five-year forecast period. Further, new spending on economic recovery is proposed, in a wide-ranging plan which includes broad-based initiatives as diverse as grants, loans and the recruitment of “energy auditors” for home retrofitting, to new money for a network of quarantine and self-isolation facilities across Canada.