It’s that time again folks.
Your deadline to file your occupancy status declaration is coming up at the end of February.
Here are a couple of important notes about it.
Deadline for Occupancy Declaration: Toronto property owners must declare their occupancy status by February 29, 2024, for the 2023 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 or via a paper form available at various Toronto locations or by contacting 311.
Tax Rate for 2023: Set at 1% of the property’s current value assessment. Missing the declaration deadline incurs a $21.24 fee.
Increased Tax Rate in 2024: The tax rate will rise to 3% for the 2024 taxation year, payable in 2025.
Exemptions: Properties used as the owner’s principal residence, occupied by a tenant, or qualifying for an exemption are not subject to this tax.
Purpose and Allocation of Funds: The tax aims to increase housing availability by discouraging vacancy. Revenue will support affordable housing initiatives.
For more information, and to file your occupancy status declaration use the link below.