Toronto extends vacant home tax deadline, fine for failure to submit
CTV
Toronto is extending its vacant home tax declaration deadline, giving homeowners two more weeks to submit their occupancy status or face a fee.
In the 2024 tax year, and every year after, the tax rate will be three per cent following council approval in October (i.e. $30,000 on a $1 million home).
Most homeowners won’t have to pay the tax, but every homeowner is still required to declare their occupancy status or pay a $21.24 fee.
The declaration deadline was originally on Feb. 29, but the City’s Executive Committee recommended extending it after receiving declarations for just 63 per cent of residential properties.
Toronto city council will consider the proposal at its next meeting.
The tax was introduced to increase housing in the city by discouraging owners from leaving their residential properties unoccupied.
Homeowners can make their declaration online at the city’s portal here.
With files from CTV News Toronto’s Phil Tsekouras
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