The City of Toronto vacant home tax has caught many owners by surprise, and understanding all of the available exemptions remains a challenge.
All owners of residential property were required to file a declaration of the 2022 occupancy status of their property by Feb. 2, 2023. Failure to file a declaration could result in a fine of between $250 and $10,000. I assume that the city’s legal department will be tasked with enforcement and that penalties and tax may automatically be added to the regular tax bill.
If a home was, in fact, empty last year, and does not fall under these specific exemptions, there is a tax of one per cent of the current provincial assessment. A residential unit is subject to the full vacancy tax if it is used as a pied-à-terre for business or leisure purposes and is not the owner’s principal residence or occupied by a friend or family member of the owner or tenant for more than six months of the year.
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