Underused Housing Tax. Are you aware of it?

Canada Revenue Agency has implemented filing requirements for an Underused Housing Tax.   While the original filing deadline was April 30^th, 2023 they have extended the date to October 31^st, 2023 for the 2022 tax year.  If you co-own residential property with a child or parent (even if you just co-signed a mortgage or are on title for estate-planning purposes) you may wish to contact your tax advisor to determine if you need to file or not. There may be penalties for failure to file even if the tax does not otherwise apply.