[Verse 1] When properties sit empty for the year UHT comes knocking at your door One percent of value, that's the fee For vacant homes across this country's shore Foreign owners and corporations pay If occupancy falls short of the required days [Chorus] Three rules to know, three taxes here UHT for vacant, flipping's now severe Foreign buyers banned with penalties clear GST rebates changing year by year Remember these, they'll guide your way Through housing tax rules here to stay [Verse 2] Flip a house within a year today Business income tax is what you'll pay No capital gains treatment anymore The twenty-twenty-three rule changed the score Primary residence exception still applies But speculation profit now complies [Chorus] Three rules to know, three taxes here UHT for vacant, flipping's now severe Foreign buyers banned with penalties clear GST rebates changing year by year Remember these, they'll guide your way Through housing tax rules here to stay [Bridge] Foreign buyers face the prohibition Selling brings a tax disposition GST rebates got modifications Income thresholds, new regulations Four hundred K for basic homes Where the eligible buyer roams [Verse 3] New housing rebate scales have shifted down Income limits tightened all around Basic rebate caps at lower rates While enhanced rebates calculate Based on purchase price and income too The system's changed for me and you [Final Chorus] Three rules to know, three taxes clear UHT for vacant properties here Flipping taxed as business income severe Foreign buyers banned throughout the year GST rebates with new income tier Housing tax law evolution's here [Outro] Underused and flipping rules combined Foreign buyer ban keeps law defined GST rebates newly redesigned Housing taxes for the modern mind
← 1 Filing and Compliance Obligations | 2 Climate and Environmental Tax Measures →