Today, Toronto City Council officially approved the extension of the deadline for residential property owners to declare their property’s occupancy status for the Vacant Home Tax. The deadline to make a declaration this year is now Tuesday, February 28 instead of February 2. Council’s amendment to the Vacant Home Tax bylaw also includes a change to the payment dates for the tax. Instead of a one-instalment payment date of May 1, owners of residential properties subject to the Vacant Home Tax can submit payment in three instalments – on May 1, June 1 and July 1.
As this is the first year residential property owners are required to declare their property’s occupancy status, the City of Toronto is facilitating the extended period to submit declarations. The City has also changed the Vacant Home Tax payment due date to a three-instalment payment schedule to moderate the financial impact on property owners who must pay this tax. It can now be paid over several months, similar to property taxes, as opposed to a single lump sum payment.
More than 88 per cent of declarations have already been submitted. Declarations of property occupancy status can be made quickly and easily on the City’s secure online portal.
If residents own their own home, if they live in their home but go to a vacation home during parts of the year or work abroad, or even if residents rent out their property, the tax will not apply in their situation. While the Vacant Home Tax will not apply to the vast majority of Toronto residents, all homeowners must submit a declaration.
Homeowners only require their property assessment roll number and customer number to declare the occupancy of their home. The numbers can be found on the most recent property tax bill, or the declaration notices mailed out by the City late last year. Homeowners who do not have access to a computer can authorize someone to act on their behalf to make the online submission.
The City is mailing reminder notices to property owners who did not declare their property’s occupancy status by the original February 2 deadline. These individualized notices also include the owner’s property assessment roll number and customer number and will start to arrive in the mail in the coming days.
Full details about the Vacant Home Tax, the available exemptions and how to submit a declaration of property occupancy status are available on the City’s Vacant Home Tax webpage.
Quotes:
“We understand that declaring the occupancy status of one’s residential property is a new process for Toronto homeowners, and by extending the deadline to declare we are giving them every opportunity to make their declaration before the Vacant Home Tax notices are issued. We also want to lessen the financial impact on those owners whose properties will be subject to this tax and have made it so that the payments can be made over several months. The goal of this tax is to add units to our housing supply to help address the current housing crisis.”
– Mayor John Tory
Toronto is home to more than 2.9 million people whose diversity and experiences make this great city Canada’s leading economic engine and one of the world’s most diverse and livable cities. As the fourth largest city in North America, Toronto is a global leader in technology, finance, film, music, culture and innovation, and consistently places at the top of international rankings due to investments championed by its government, residents and businesses. For more information visit the City’s website or follow us on Twitter, Instagram or Facebook.