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.

Knowledge Bureau Graduates, Designates and instructors were recognized for their stellar achievements in continuing professional development and specialization of skills at the Acuity Conference for Distinguished Advisors in Montreal.  In addition, selected organizations and individuals were bestowed special awards that recognized the tremendous impact they make in their industries. Please join us in congratulations this year’s honourees and take a peek at the photos and videos of the celebrations!

We’re headed back to Puerto Vallarta November 23-26 and our official conference venue will be the Marriott Puerto Vallarta Resort & Spa. Booking details for your accommodation options are coming soon, and you don’t want to miss this opportunity to save 50% on conference tuition when you register by November 15 for Canada’s only top-tier multi-disciplinary conference for leading tax, accounting and financial services professionals.

Immediately following the U.S. Election, the Bitcoin hit new highs.  New volatility may be in store for investors, and for those reasons it’s important to understand the tax consequences now and keep meticulous records.  Here’s why this matters to Canadian investors:

Will the election results in the U. S. affect the Canadian economy?  It’s quite possible, as the Canada-United States-Mexico Agreement is up for renegotiation and review in 2026 and the potential for expensive new tariffs has been raised. It was just last month that Canadians could expect a solid increase in real GDP growth in 2025, followed by a levelling off in the following two years. That was the projection from Canada’s Parliamentary Budget Office report. Here’s the forecast, in the absence of significant new Trumpian policies:

As the tax year draws to a close it’s important to understand what happens when a depreciable asset is disposed of.  If that is less than the undepreciated capital cost, a terminal loss results.  A technical tax update may be in order because some of the rules are quite interesting.

As we get ready to kick off Acuity 2024 in Montreal this weekend, we’re giving you a sneak peek of what’s in store for the 2025 Acuity Conference for Distinguished Advisors! We’re headed back to Puerto Vallarta November 23-26 and you can save 50% on tuition when you register by November 15 for Canada’s only top-tier multi-disciplinary conference for leading tax, accounting and financial services professionals.