Underused Housing Tax Act

Marginal note:Failure to file

• 47 (1) Every person that fails to file a return as and when required under Part 4 is liable to a penalty equal to the greater of

  • (a) $1,000 if the person is an individual or $2,000 if the person is not an individual; and

  • (b) the amount that is the total of

    • (i) 5% of the tax calculated under section 6 payable by the person in respect of the residential property for the calendar year, and

    • (ii) the product obtained when 3% of the tax calculated under section 6 payable by the person in respect of the residential property for the calendar year is multiplied by the number of complete months from the date on which the return was required to be filed.

• Marginal note:Failure to file

  (2) If a person fails to file a return in respect of a residential property for a particular calendar year by December 31 of the following calendar year, for the purpose of calculating the total referred to in paragraph (1)(b), the tax calculated under section 6 in respect of the residential property for the particular calendar year is to be determined without reference to paragraphs 6(7)(c) to (f) and subsections 6(8) and (9) of this Act and paragraph 2(3)(a) of the Underused Housing Tax Regulations.