Underused Housing Tax (UHT) Canada February 23, 2023 By Nicholas Raycroft, Hendry Warren Edited by Grant Gilmour On June 9, 2022, the Canadian government enacted the "UHT Act”. This tax is intended to discourage the ownership of vacant or underused Canadian real estate. Although it primarily targets ownership of Canadian real estate by non-resident non-Canadians, this tax may be applicable to certain Canadian-Controlled Private Corporations (CCPCs), trusts and partnerships. The UHT will be administered by the Canada Revenue Agency. Overview The UHT imposes a 1% tax on the taxable value of residential property to owners on December 31of a calendar year, other than "excluded owners", of residential… Read More
Private Foundations and Trusts | The same but different around the world February 23, 2023 By Wagemann + Partner PartG mbB, Berlin, Dr. Filip Schade, Steuerberater, Master of Laws Edited By Integra International Grant Gilmour, CPA (Canada, BC) CPA (USA, Arizona) Question: Is there an internationally coordinated set of rules regarding the legal and tax treatment of private foundations and trusts? Answer: The OECD has hardly any recommendations available and there are no harmonization efforts observable. Private foundations and trusts remain a purely national and sometimes regional matter. When preparing this article, I asked myself whether there is an international set of rules in which many countries have agreed on certain principles for the… Read More
