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Toronto extends vacant home tax deadline, fine for failure to submit
3/1/2024 | Posted in Toronto News by Paul DeAdder | Back to Main Blog Page
Toronto is extending its vacant home tax declaration deadline, giving homeowners two more weeks to submit their occupancy status or face a fee.
The city will continue to accept submissions until March 15.
The vacant home tax charges owners who leave their properties vacant for more than six months in a calendar year.
For 2023, the taxation rate is one per cent, meaning that the tax for a property valued at $1 million is $10,000.
In the 2024 tax year, and every year after, the tax rate will be three per cent following council approval in October (i.e. $30,000 on a $1 million home).
Most homeowners won’t have to pay the tax, but every homeowner is still required to declare their occupancy status or pay a $21.24 fee.
The declaration deadline was originally on Feb. 29, but the City’s Executive Committee recommended extending it after receiving declarations for just 63 per cent of residential properties.
Toronto city council will consider the proposal at its next meeting.
The tax was introduced to increase housing in the city by discouraging owners from leaving their residential properties unoccupied.
Homeowners can make their declaration online at the city’s portal here.
Source: CTV
