What is a specified Canadian corporation exemption under the Underused Housing Tax rules?

A "specified Canadian corporation" is a defined category under the Underused Housing Tax rules for a private corporation that is sufficiently Canadian-owned and controlled, based on a specific ownership and voting threshold set out in the federal rules, to qualify for an exemption from actually owing the tax, even though owning property through a corporation at all can still create the filing obligation discussed in a related question. In other words, being Canadian-controlled in the way this specific category requires can mean the tax itself is not owed, without necessarily removing the requirement to file a return in the first place.

Because the exact ownership and voting percentage that qualifies a corporation for this status is a specific figure defined in the federal rules rather than a general sense of "mostly Canadian," a corporation should not assume it qualifies without confirming its actual ownership structure against the current definition.

If your property is held through a corporation, have a tax advisor confirm whether it meets the specific test for a specified Canadian corporation, rather than assuming Canadian involvement alone is enough.