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.

Tax season is officially over for most individuals, and that signals the start of tax audit season. 

The recent April 21 Federal Budget introduced relaxed rules for mandatory withdrawals from a RRIF, effective in the 2015 and subsequent tax years.

What’s a detailed, tax-efficient retirement income projection worth to your clients? A lot of peace of mind, especially if they are interested in continuing to build their net worth in retirement and beyond, while reducing their frustration with high taxes on private pension income.

There are many unique opportunities to serve clients in the tax and financial services today.  More than ever, clients expect to receive advice that is relevant both for today’s environment and for the long-term.

Have you filed yet? You have a bit of breathing room thanks to a CRA error.

The Ontario provincial budget was presented on April 23 and although it contains no new personal or corporate taxes and only a few changes to beer drinkers, corporate credits and drivers might be particularly interested in this document.