The City of Toronto recently implemented an annual tax on vacant residential properties. The tax is calculated at one percent of the Current Value Assessment (CVA) and will be imposed on all Toronto residences that are declared or determined vacant for more than six months during the previous year. This means, for example, if the CVA of your property is $1 million, then the tax payable will be $10,000.00.
The Vacant Home Tax (VHT) requires residential property owners to submit a declaration of their property’s status for the previous year. The deadline to file your declaration is February 2, 2023. If you don’t file, or if you make a false declaration, you could face a fine of between $250 to $10,000. Filing is done through the City of Toronto’s online declaration page.
Property owners who owe tax will likely receive a notice in March or April showing the tax amount owing. The tax is payable by May 2nd.
Click here for more information and to go to the Submit Declaration Online page