Toronto's vacant home tax has arrived and here's what you need to know Toronto TorontoRealEstate RealEstate
If you are the owner of a unit — whether it was occupied or vacant in 2022 — you are required to declare occupancy status by February 2, though there are indeed some exemptions.First and foremost, the City requires homeowners to declare the occupancy status of their home every year. This is the case regardless of whether you're a landlord or live in the home yourself. If you own a residential property, you need to declare annually. Full stop.
According to the tax bylaw enacted in late 2021, those who fail to declare their home's status or make a false declaration"may face a fine in the minimum amount of $250 and not to exceed the maximum amount of $10,000, for each offence."Though the reporting period is annual, only homes that have spent at least six months of the previous calendar year are subject to the tax, so if your home sat empty for even a day short of that value, no tax for you.
Other exemptions include a home left vacant due to the death of the owner, the principal resident being placed in long-term care, or any longer-term renovation project that makes the home uninhabitable for lengthy periods.A vacant home tax may be new for Toronto, but it has been used to positive effect elsewhere in Canada.
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