By now it’s likely you’ve heard about the upcoming implementation of the Vacant Home Tax. For those of you who might not be familiar, it means that those owning a home that remains vacant for more than six months will be subject to a vacancy tax. The City of Toronto has reminded homeowners that they need to submit a formal declaration of the occupancy status of their property soon.
Vacant Home Tax
The deadline for the declaration is February 2nd. The notices were mailed by the City to residents back in December. It included the property owner’s assessment roll number and customer number. The notices also provide instructions on how to make the submission online. It is worth noting that the tax is not applicable to those who live in their own home but go on vacation during the year or rent it out to other tenants.
“Toronto is facing a housing crisis, and we are doing all we can to get more housing built. The vast majority of Toronto property owners will not pay the Vacant Home Tax because their properties are not vacant, and the benefits will be felt across the city by increasing the availability and affordability of housing,” Mayor John Tory said in a press release statement.
Need to submit your declaration? You can do it online through the City of Toronto website. You can also fill out a paper form. However, it needs to be requested by calling 311. After completion, it has to be mailed.