It’s That Time Again, Folks.
Your deadline to file your occupancy status declaration is coming up at the end of April.
Here are a couple of important notes about it:
Deadline for Occupancy Declaration: Toronto property owners must declare their occupancy status by April 30, 2025, for the 2024 taxation year.
Vacant Home Tax Program: This declaration is part of the program to identify vacant homes. All residential property owners must participate, including those living on their property.
Tax Eligibility: Properties not used as a principal residence, unoccupied for over six months without exemptions or a declaration, are subject to the tax.
Declaration Methods: Owners can declare online via the City’s portal, by phone through 311, or in person at Tax and Utility counters at Toronto City Hall and civic centres.
Tax Rate for 2024: Set at 3% of the property’s current value assessment (CVA).
Late Declaration Fee: Failing to submit the declaration by the deadline may result in the property being deemed vacant and subject to the tax.
Exemptions: Properties used as the owner’s principal residence, occupied by a tenant, or qualifying for an exemption (e.g., death of the owner, renovations, legal ownership transfer) are not subject to this tax.
Purpose and Allocation of Funds: The tax aims to increase housing availability by discouraging vacancy. Revenue supports affordable housing initiatives under the HousingTO Action Plan, including funding for Toronto Community Housing Corporation units and the Multi-Unit Residential Acquisition program.
For more information and to file your occupancy status declaration, use the link below: