Today is the deadline for Toronto homeowners to declare whether their residential properties are vacant.
A few months ago, a letter was sent to all homeowners in Toronto asking them to file their returns in writing or online.
The move comes at a time when Toronto imposes an annual tax on vacant homes, aimed at keeping them from becoming empty amid supply shortages.
If the property does not contain any living units (such as property lockers or parking lots), no declaration is required.
Residential units are considered one or more self-contained units and include their own washroom and kitchen.
Property is considered vacant Has not been used as a primary residence by the owner or any other permitted resident or tenant for a total of 6 months or more during the previous calendar year. The property may also be considered vacant if the owner does not declare occupied status.
All homeowners are required to file a return, but the tax is levied on their primary residence or tax exemption, such as for people who are not home because they are receiving medical treatment or renovations are underway. Does not apply to property. .
The City imposes a 1% tax on the assessed value of any home that has been declared or deemed vacant for six months or more during the previous year.
All homeowners are required to file an annual return, even if they live in their home. The city says a residential property is considered vacant if the owner does not file an annual return by the deadline.
Penalties for failing to declare or making a false declaration range from $250 to $10,000.
declaration can be submitted online Click here for details on the city website.
