A new tax on vacant homes is set to take effect in Toronto and homeowners have until this Thursday to declare the status of their properties.
in a bid to increase housing supply by discouraging homeowners from leaving their properties unoccupied. It went into force last year, making 2022 the first payable year the tax will be levied on vacant homes for one per cent of a property’s Current Value Assessment .
Graham said real estate investors with units sitting empty will likely be among those affected by the tax. However, Toronto said “any unpaid taxes will become the purchaser’s responsibility” and the Vacant Home Tax will form a lien on a property.Death of a homeownerCourt order preventing occupancy Toronto said it will issue notices to owners in March and April and payments for the tax will be due on May 1.Toronto is the latest Canadian jurisdiction to introduce a tax on vacant homes as the country struggles with a widespread housing shortage.for affordable housing initiatives and renter supports since 2017.” that mostly applies to non-resident homeowners, while other Canadian cities are also considering the measure.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Toronto's vacant home tax has arrived and here's what you need to knowThat unkempt, overgrown property on your street could soon finally get some tenants thanks to a new City of Toronto tax clamping down on vacant hom...
Read more »
'Toronto turning into Gotham city': How random violence is pushing Toronto to a tipping point'Toronto turning into Gotham city': Is rising random violence pushing Toronto to a tipping point?
Read more »
Toronto to provide additional TTC safety measures after series of violent attacks - Toronto | Globalnews.caThe city said it, and the Toronto Transit Commission (TTC) 'continue to prioritize community safety on Toronto's transit system.'
Read more »
'Toronto turning into Gotham city': Is rising random violence pushing Toronto to a tipping point?Random violence on the transit system is pushing Toronto to the tipping point.
Read more »
'Toronto turning into Gotham city': Random violence pushing Toronto to tipping pointICYMI 'Toronto turning into Gotham city': How random violence is pushing Toronto to a tipping point
Read more »
Fraser Valley bus drivers give strike notice, could stop collecting fares ThursdayABBOTSFORD, B.C. — The union representing transit bus drivers in B.C.'s Fraser Valley has given a 72-hour strike notice and could stop collecting fares starting Thursday.
Read more »