What is the Vacant Home Tax?
Effective at the begging of 2023 the City of Toronto’s Vacant Home Tax requires homeowners to declare whether or not their property is vacant by February 2, 2023. This tax aims to help boost the housing market by encouraging owners to sell or lease unutilized properties. All residential property owners are required to declare the status of their property annually even if they declare they live there.
What is considered a Vacant Home?
According to the city, a property is considered vacant when it is not used as the principal residents by the owners or any permitted occupants or was unoccupied for 6 months or more during the previous calendar year.
What does the Vacant Home Tax not apply to?
Although all homeowners in the City of Toronto are required to submit a declaration of occupancy status the tax will not apply to:
- Properties that are the principal residence of the owner
- Properties that are the principal residence of a permitted occupant or tenant
- properties that qualify for an exemption due to the following:
- Death of a registered owner
- Repairs and renovations
- Principal resident is in care
- Transfer of legal ownership
- Occupancy for full-time employment
- Court order
to make a declaration or to learn more information visit this link: https://www.toronto.ca/services-payments/property-taxes-utilities/vacant-home-tax/