Toronto 1% Vacant Home Tax
Toronto just approved a Vacant Home Tax applicable to all residential property owners in the city. It's a 1% tax on the 2022 Current Value Assessment on all Toronto residences that are vacant for more than six months during the previous year.
The property can be left vacant for more than 6 months for:
Death
Repairs or renovations
Principal resident in care
Transfer of legal ownership
Full-time employment
Court order
It is self-assessed using the website: www.toronto.ca/VacantHomeTax
This is not a joke or spam! All Toronto property owners must do this and if you fail to complete your property status declaration, you could face a $250 fine!
The tax is being implemented to increase the supply of housing by discouraging owners from leaving their residential properties unoccupied.
I just got my tax form - I wonder how many people are going to forget to self-declare! Don't forget, do it today!