The deadline for Toronto homeowners to declare whether their property is occupied has been extended until the end of the month, Mayor John Torrey has announced.
Homeowners were supposed to file their returns by today and could face a $250 fine for doing so after the deadline.
However, at an unrelated press conference on Thursday, Mayor John Torrey confirmed that the city has extended the deadline to the end of February.
“In the meantime, no fines will be imposed, so I hope people will be encouraged to fill out the form so they don’t have to pay this tax,” Tory said. It will help you avoid a lot of unwanted calls and emails later.”
Torrey said about 84.5% of all households have already made the declaration, meaning tens of thousands of homeowners still have to do the paperwork.
If not submitted by the end of February, the city will consider the home vacant and will impose a tax of 1% of the assessed value on the property tax bill mailed in the spring.
Speaking to reporters on Thursday, Torrey emphasized that the purpose of the new vacant home tax is not to generate revenue. I hope you will succeed.
Staff have so far estimated that the tax will bring in $55 million to $66 million annually, with the money directed toward affordable housing initiatives.
“I don’t care if anyone pays this tax when there could be thousands of units back in the housing market in the City of Toronto. Thousands of people would have to pay this tax because people didn’t want to pay this tax.” Think about the difference it would make if the unit became available.
A few months ago, a letter was sent to all homeowners in Toronto asking them to file their returns in writing or online.
If the property does not contain any living units (such as property lockers or parking lots), no declaration is required.
A property is considered vacant if it has not been used as a primary residence by the owner or any other authorized occupant or tenant for a total of 6 months or more in 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. .
