As a homeowner in Toronto, it is important to be aware of the new Vacant Home Tax and the importance of completing the declaration before the deadline. Based on the number of calls from clients over the last 30 days, it is clear that there is a significant amount of confusion surrounding this new tax.
The Vacant Home Tax is a 1% tax on properties that are left vacant for more than six months of the year. The tax is intended to encourage property owners to rent out their vacant homes, rather than leaving them empty.
In order to avoid having to pay the late fee penalty or the 1% tax, all homeowners in Toronto are required to submit their declaration before February 2nd, 2023. This includes declarations for both your principle residence and any other homes you own in Toronto.
To complete the declaration, homeowners can go to https://www.toronto.ca/services-payments/property-taxes-utilities/vacant-home-tax/. On this website, you will find all the information you need to complete the declaration, including instructions and a link to the online form.
It is important to note that failure to complete the declaration or pay the Vacant Home Tax can result in penalties and fines. Therefore, it is essential for all homeowners in Toronto to take the necessary steps to ensure that their declaration is completed before the deadline.