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Toronto's Vacant Home Tax: What You Need to Know
Posted by Maryann Quenet on
Toronto's Vacant Home Tax: What You Need to Know
Attention Toronto homeowners! It's time to declare the occupancy status of your residential property for the year 2023. This declaration is mandatory for all properties classified within the residential property tax class, and the deadline is fast approaching—February 29, 2024.
Why the Vacant Home Tax?
The primary goal of the VHT is to address the issue of vacant residential properties in Toronto. By imposing a tax on properties that remain unoccupied for extended periods, the city aims to encourage property owners to either occupy or rent out their properties, thereby contributing to the housing supply. At its core, the VHT aims to bolster the housing supply by deterring the practice of…
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