Toronto homeowners are required to declare the occupancy status of their property every year. The due date for the 2023 tax declarations is February 29, 2024.
Declarations can be completed online via the City of Toronto’s online portal. Alternatively, owners seeking assistance submitting their declaration can attend drop-in sessions at various locations. See the City of Toronto News Release for more details.
If a declaration is not submitted by the deadline, the property will be deemed vacant and will be subject to the Vacant Home Tax (“VHT”) which is equal to 1% of the current value assessment (increasing to 3% for the 2024 tax year) . Owners subject to the VHT will receive a Notice of Assessment.
Effective January 1, 2024, a fee of $21.24 will be charged for failing to submit a declaration of occupancy status by the declaration deadline. Failure to file may also result in a $250 fine. Providing false declarations or failing to provide the city with requested information could also result in fines of up to $10,000 in addition to being liable for the VHT.
It is imperative for homeowners to file the required declaration to avoid being assessed the tax.
The information in this article is of a general nature and is in summary form. Contact one of our tax professionals to discuss these matters in the context of your situation before acting upon such information.
