Some concerns have been raised about how easily an honour-based system could be abused. cityoftoronto | Toronto TOpoli realestate realestatenews vacanthometax
voted in December 2020
How exactly the City would track which homes are vacant was initially unclear, but a subsequent update stated that every residential property owner in Toronto will be required to declare the status of their property — or properties — every year. Based on these mandatory, self-reported declarations, the City of Toronto will determine whether a homeowner pays the tax or not.
“Given that Toronto has done very little to police their Airbnb rules, I can’t imagine the vacant home tax being any different than that,” Pasalis wrote. But even under the mandatory, self-reported system, the City will be looking for bad actors who file false declarations. A November 2021 report from City staff said that a $3.1M operating budget would be needed to maintain the tax, which would include salaries for 25 staff members. The majority of these staff members, the City spokesperson said, would be assigned to ensure compliance and perform audits.
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