The Underused Housing Tax (UHT) has sparked significant concerns among non-resident property owners in Whistler, Pemberton, and Squamish. Here's what you need to know:
Who is impacted?
Non-residents are automatically classified as "affected owners," requiring them to file a return and pay 1% of the property’s assessed value unless an exemption applies.
Failing to file? Expect penalties of $5,000 or more.
Unique Challenges in Whistler:
Overly punitive for resort communities dependent on tourism.
Exemption for only 28 days of personal use, compared to 6 months in other locations.
Confusion has led to increased sales by non-residents and challenges for tax service providers.
Exemptions Available:
New Owners: If you acquired the property during the year and had not owned it in the prior nine years.
Death of an Owner: Legal representatives are exempt for the year of passing and the subsequent year.
Occupancy Exemptions:
To meet the qualifying occupancy test, the property must have tenants, be rented, or meet other criteria.Potential Changes:
Tourism Whistler is lobbying to expand exemptions for properties zoned for tourism.Wondering if UHT affects you?
Let’s connect to clarify your situation and explore the best strategy to protect your Whistler investment. If needed, I can refer you to a qualified accountant or tax professional to ensure you receive expert advice.
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*Disclosure: This content is for informational purposes only and should not be considered legal or tax advice. For specific guidance on UHT compliance, exemptions, or filing requirements, consult a qualified tax professional or legal advisor.