Underused Housing Tax Act — U-0.5 2
nium unit or other similar premises that is, or is intended to be, a separate parcel or other division of real or immovable property owned, or intended to be owned, apart from any other unit in the building together with that proportion of any common areas and other appurtenances to the building and the land subjacent or immediately contiguous to the building that is attributable to the house, unit or premises and that is reasonably necessary for its use and enjoyment as a place of residence for individuals; or (c) a prescribed property. ( immeuble résidentiel ) specified Canadian corporation , in respect of a calendar year, means a corporation that is incorporated or continued under the laws of Canada or a province other than a corporation that is, on December 31 of the calendar year (a) a corporation in respect of which the following persons have ownership or control, directly or indirectly, of shares of the corporation representing 10% or more of the value of the equity in the corporation or carrying 10% or more of the voting rights under all or under some circumstances: (i) an individual who is neither a citizen nor a permanent resident, (ii) a corporation that is incorporated or continued otherwise than under the laws of Canada or a province, or (iii) any combination of individuals or corporations referred to in subparagraphs (i) and (ii); (b) a corporation without share capital having (i) a chairperson or other presiding officer who is neither a citizen nor a permanent resident, or (ii) 10% or more of its directors who are neither citizens nor permanent residents; or (c) a prescribed corporation. ( personne morale canadienne déterminée ) specified Canadian partnership , in respect of a calendar year, means (a) a partnership, each member of which is, on December 31 of the calendar year, (i) a person referred to in paragraph (c) of the definition excluded owner , (ii) a trust referred to in paragraph (a) of that definition, or (iii) a specified Canadian partnership; or (b) a prescribed partnership. ( société de personnes canadienne déterminée ) specified Canadian trust , in respect of a calendar year and a residential property, means (a) a trust under which each beneficiary having a beneficial interest in the residential property is, on December 31 of the calendar year, (i) a person referred to in paragraph (c) of the definition excluded owner , (ii) a trust referred to in paragraph (a) of that definition, or (iii) a specified Canadian partnership; or (b) a prescribed trust. ( fiducie canadienne déterminée ) tax means tax payable under this Act. ( taxe ) taxable value , in respect of a residential property for a calendar year, means an amount that is (a) a prescribed amount; or (b) if no amount is prescribed under paragraph (a), the greater of (i) the value established in respect of the residential property by an authority that has the power by or under an Act of Parliament or the legislature of a province to establish the assessed value of real or immovable property for the purpose of computing a property tax, and (ii) the residential property’s most recent sale price on or before December 31 of the calendar year. ( valeur imposable ) 2022, c. 5, s. 10 “2” 2022, c. 19, s. 113 2024, c. 17, s. 136