If you bought, built, sold, or renovated a home in 2023, you might be wondering what that means for your tax situation. Don’t worry, the Canada Revenue Agency (CRA) is here to help. We have information about tax incentives that can help you with housing costs.

Whether you are new to Canada and trying to make your way, or are a Canadian resident wondering about housing options for the future, you are likely thinking about costs. The cost of living is high and we need to find ways we can stretch our dollars to where they need to go. We all have things to learn when it comes to managing our personal finances, and even more so as life circumstances change.

In November, we celebrate Financial Literacy Month by inviting organizations across Canada to come together to talk about personal finances, and how to manage different aspects of them. It is not always easy to know where we can get help to manage our money or to understand what mechanisms are out there for us. This November, help us get that conversation going.

The Canada Revenue Agency (CRA) understands that there are unique challenges for affected owners in the first year of the Underused Housing Tax Act (UHTA) administration.

To provide more time for affected owners to take necessary actions to comply, the Minister of National Revenue is providing transitional relief to affected owners. The application of penalties and interest under the UHTA for the 2022 calendar year will be waived for any late-filed underused housing tax (UHT) return and for any late-paid UHT payable, provided the return is filed or the UHT is paid by October 31, 2023.