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.

How strong are your economic fundamentals relating to critical issues coming down the pike for 2016 and 2017?  Would you like to better understand how the outcome of the US election will affect the global and Canadian economies?

Knowledge Bureau would like to remind you of some key dates to mark in your calendar: Regional DAW Workshops - May 24 to 31. Early Registration ends May 15.  Summer Studies Begin July 1 and DAC  Nov 6 -9. Register by June 30.

"Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time." Thomas A. Edison

Tax season may be over but you may have forgotten to claim a lucrative tax deduction or credit, like medical expenses, moving expenses or the disability amount.  First tip:  don’t file a new return; simply adjust your prior filed return.  But, what’s the deadline for making adjustments?

Canadian taxfilers are saving the planet! Of the total returns received to April 25 for the 2015 tax filing year, 87% were filed electronically, according to CRA’s tax filing statistics. The average refund so far is slightly lower than last year: $1653.

Tax filing season is officially over and that means it’s officially tax audit season. And that can be very expensive. For example, you may have heard the story of the $250,000 owing in back taxes by a campground in Ontario.