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Replying to:
niceday
Level 2
‎February 17, 2023 06:18 AM

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Hi Duncan,

 

Thanks a lot for your prompt response and the clarification about Line 9 & 10 of T776.

 

From CRA guides about UHT, filing obligation depends on who are excluded owners or affected owners. 

 

Canadian and Permanent resident owning residential properties are excluded owners who are not required to file the UHT  unless in the capacity of Partner of a partnership. as discuss :Who is an excluded owner

https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/uhtn1/introduction-...

Who is an excluded owner

You are an excluded owner of a residential property if you are any of the following:

  • the government of Canada or a province, or an agent of the government of Canada or a province
  • an owner of the residential property as a trustee of any of the following trusts:
    • a mutual fund trust for Canadian income tax purposes
    • a real estate investment trust for Canadian income tax purposes
    • a specified investment flow-through (SIFT) trust for Canadian income tax purposes
  • an individual who is a citizen or permanent resident of Canada, unless you are an owner of the residential property as either of the following:
    • a trustee of a trust (except if you are the personal representative of a deceased individual, in which case you are an excluded owner of the residential property)
    • a partner of a partnership

---------------------------------------------------------------------------------------------------------------------------------------I've attended several seminars introducing UHT obligations and exemption. And it was clarified in the seminars that individual Canadian and permanent resident owners who own residential rental properties as Co-owners instead of partners of a partnership of the residential rental properties are excluded owners for UHT purpose.

 

Thus it is very important to have the correct ownership type on T776 being submitted to CRA: Co-owner or Partner of a partnership.

 

Profile please kindly have the filed of  "Part 1: Percentage of partnership" improved to not showing Co-ownership % as Partner % for T776 information reporting or maybe leave it for users to enter. 

 

I can see that the selection on partnership or co-owner affects the use of CCA entries in Profile and maybe it is another part of the improvement Profile would need to deal with at the same time?

 

Appreciate your reply, Duncan and hopefully we can move further asap to improve Profile usage experience and keep up to date with CRA policy.

 

 

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