Underused Housing Tax

Budget 2025 plans to end the Underused Housing Tax from 2025. As a result, there will be no return filing requirements or taxes payable for 2025 and future years.

All UHT requirements for the 2022-2024 calendar years continue to apply. These includes penalties and/or interest for failing to file returns when required and payment of UHT balances due for the above years.

Bare trusts

On August 15, 2025, the Department of Finance released draft legislative amendments pertaining to bare trusts among other changes to what is generally referred to the enhanced trust reporting rules.

The proposed implementation date of the reporting requirements for bare trusts was to be effective for taxation years ending on or after December 31, 2025. The Budget announced the government’s intent to defer the application date for the bare trust reporting so that it will be applicable for taxation years ending on or after December 31, 2026.