The residential property owners of Toronto should submit their 2022 declaration of property occupancy status by February 2023. The online declaration portal accepts late declarations after February’s deadline. Landlords must take a declaration of their home’s occupancy status to avoid paying penalties. The reminder notices are mailed on February 13th to homeowners who haven’t submitted a declaration. The vacant Toronto residences will have to pay an annual tax at the beginning of 2023.
It is known as “vacant property” when it is not used by the permitted occupant, by the principal residence of the owner, or hasn’t been occupied by tenants for six months. The properties can be deemed vacant if the owner doesn’t make a declaration, as outlined by the city of Toronto’s law.
The Vacant Home Tax in Toronto’s city must encourage homeowners to keep their residential properties occupied. Landlords who prefer to keep their homes vacant are subjected to this tax.
Even though landlords must provide a declaration of occupancy, the tax will not apply to houses that qualify for an exemption, such as the owner’s principal residence or a principal residence of a tenant.
Whenever required, the homeowners can submit their signed paper declaration form. The revenues collected from these vacant home taxes are allocated for affordable housing initiatives.
The resident landowners in Toronto have to declare the occupancy status of their homes annually, even though they live there. The declarations are made by the landlord or someone on their behalf. It determines whether the Vacant Home Tax is applicable and payable.
The vacant home tax is 1% of the CVA (current value assessment) imposed on deemed, declared, or determined Toronto residences that have been vacant for six months or more.
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