Toronto To Move Forward With Vacant Home Tax
Monday Aug 09th, 2021Share
Investors beware! Toronto’s City Council has moved forward with the plan to implement a Vacant Home Tax. A recent news release from the City of Toronto stated “A bylaw supporting this tax will come into effect on Saturday, January 1, 2022, becoming the start of the first tax reference year — a period during which the vacancy status will be used to determine whether the tax is payable. The tax on vacant homes becomes payable for the first time in early 2023, based on the occupancy status during the prior year,” There will be exemptions though which will include homes under renovations, if the homeowner is in medcal care or has passed away or for snowbirds. Apparently a home will be considered vacant if it has been unoccupied for more than 6 months in the previous year or it is deemed to be vacant in accordance with a by-law. The tax rate will be 1% of the homes current assessed tax rate.