2024 Toronto Vacant Home Tax
2024 Toronoto Vacant Home Tax
Toronto has announced that it will increase its vacancy tax from the current 1% to 3% for 2024.
For example, Owners of a $3 million property that has been “declared, assumed, or determined to be vacant for more than six months” in the past year will have to pay $90,000 in increased vacancy taxes, unless they fall under an exception.
Residential property owners must declare their occupancy status annually, or their property may be deemed vacant considered vacant.
This tax doesn’t apply to
– Property that is the owner’s primary residence
– Properties that are the residence of a licensed occupant or tenant (including business tenants)
– Properties that qualify for an exemption