Vacant Home Tax
We are receiving a lot of inquiries regarding the new Vacant Home Tax, which is now in effect in Toronto.
The annual tax will be levied on vacant Toronto residential properties, payable beginning in 2023 and all Toronto residential property owners must submit a declaration of their property’s occupancy status in 2022 by February 2, 2023.
A property is considered vacant if it was not used as the principal place of residence by the owner(s) or any permitted occupant(s), or was unoccupied for a total of six months or more during the previous calendar year. Properties may also be deemed vacant if the owner fails to make the declaration of occupancy status as required. Although there are some exemptions, these are limited.
For a full list of the exemptions, visit the City of Toronto website at: https://www.toronto.ca/services-payments/property-taxes-utilities/vacant-home-tax/.
A similar Vacant Unit Tax was implemented in Ottawa. More information on this can be found at: https://ottawa.ca/en/living-ottawa/taxes/property-taxes/vacant-unit-tax#section-64fabd82-7adc-4298-a6d2-02505ea37a04
At Werhun Law, we can assist you with your condominium purchase and in ensuring that you have the information that you need to make a thoughtful and well-informed purchase which suits your particular requirements and plans for the property.
Werhun Law is a law firm located in Etobicoke serving the Greater Toronto Area. Werhun Law provides services primarily in residential and commercial real estate, mortgages, commercial leasing, and wills and estates. If you have any questions or are in need of legal services you can contact us at email@example.com.
The information in this post is for general informational purposes only. It does not constitute legal advice and does not create a solicitor-client relationship.