Trudeau Liberals spent more administering Underused Housing Tax than they collected
A response to an inquiry of ministry posed by Conservative MP Adam Chambers revealed the Canada Revenue Agency had spent more on administration costs than it assessed since the Underused Housing Tax Act passed Parliament in 2022.
The Trudeau Liberals have spent more money administering the Underused Housing Tax Act than they have collected, according to records from the Canada Revenue Agency.
Federal authorities spent $59 million on administration costs for the program, reports Blacklock's Reporter. The total assessed, meanwhile, was just $49 million since the bill was passed in 2022.
Since its passing, non-resident owners have been required to pay a 1% equity tax on “vacant or underused residential property.” Nearly 580,000 returns have been filed, with the majority (478,220) owing nothing, said the CRA, per Blacklock's.
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The inquiry of ministry was posed by Conservative MP Adam Chambers, who criticized the act as being needlessly complex.
“I will give a great example,” Chambers stated. “The government has an idea of the Underused Housing Tax. If someone does not use their house for their own personal reasons, they would fill out a form and prove it is an allowable use for which they do not have to pay this special tax.”
“Why can we not make the government simpler?” he added.
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A recent Globe and Mail report cited experts who described the current situation for some homeowners as a “bureaucratic quagmire.”
Vancouver became the first city in Canada to implement a tax on empty homes, dating back to 2017. Toronto and Ottawa have since followed suit in 2023. In response, U.S. Congressman Brian Higgins, a Democrat from the border city of Buffalo, New York, has suggested a similar tax should be imposed on Canadians who own homes in the U.S.
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“I would rather not do that. This should be resolved diplomatically,” Higgins said in Feb. 2023, CBC reported.
Canadians are among the top buyers of U.S. real estate, with Western Investor reporting “Homebuyers from Canada spent US$6.6 billion on vacation, rental and permanent residence properties south of the border between April 2022 and March 2023.”
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