Vacant home tax deadline in Toronto extended to the end of February
The deadline for Toronto homeowners to declare whether or not their property is occupied has been extended until the end of the month, Mayor John Tory has announced.
Homeowners were supposed to make their declarations by today and could have faced fines of $250 for doing so after the deadline.
But during an unrelated press conference on Thursday, Mayor John Tory confirmed that the city has extended the deadline until the end of February.
“There will be no fines issued during that time and so I hope that what this will encourage people to do is to fill out the form so they won’t have to pay this tax,” Tory said. “If they can just do that it will help avoid a lot of calls and emails later that people don’t want.”
Tory said that about 84.5 per cent of all households have already made their declarations, however that would mean that tens of thousands of homeowners still need to complete the paperwork.
If they don’t do so by the end of February the city will assume that their properties are vacant and a tax of one per cent of their home’s assessed value would then be applied to the property tax bill mailed out in the spring.
Speaking with reporters on Thursday, Tory stressed that the goal of the new vacant home tax isn’t to generate revenue. Instead, he said the hope is that it is successful at convincing the owners of vacant properties to either rent or sell them.
Staff have previously estimated that the tax will bring in between $55 and $66 million annually, with that money then being directed towards affordable housing initiatives.
“I don't care if anybody pays this tax if units, thousands of units, could come back on the housing market in the City of Toronto. Think of the difference that would make if thousands of units were available to us because people did not want to pay this tax,” Tory said.
Letters went out to all Toronto homeowners months ago advising them to submit a declaration either by paper or online.
A declaration is not required if the property does not contain a residential unit (such as a property locker or parking lot).
A property is considered vacant if it was not used as a principal residence by the owner, or any other permitted occupants or tenants for a total of six months or more during the previous calendar year. A property can also be considered vacant if the owner fails to make a declaration of occupancy status.
While all homeowners are required to submit a declaration, the tax does not apply to principle residences or properties that qualify for an exemption, such as in the case of a person who has not been home because they are receiving medical treatment or because renovations are underway.
CTVNews.ca Top Stories
Expert warns of food consumption habits amid rising prices
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
opinion The special relationship between King Charles and the Princess of Wales
Royal commentator Afua Hagan writes that when King Charles recently admitted Catherine to the Order of the Companions of Honour, it not only made history, but it reinforced the strong bond between the King and his beloved daughter-in-law.
Dozens of U.S. deaths reveal risks of injecting sedatives into people restrained by police
The practice of giving sedatives to people detained by police has spread quietly across the U.S. over the last 15 years, built on questionable science and backed by police-aligned experts, an investigation led by The Associated Press has found.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Improve balance and build core strength with this exercise
When it comes to cardiovascular fitness, you may tend to focus on activities that move you forward, such as walking, running and cycling.
B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
Mountain guide dies after falling into a crevasse in Banff National Park
A man who fell into a crevasse while leading a backcountry ski group deep in the Canadian Rockies has died.
MPP Sarah Jama asked to leave Ontario legislature for wearing keffiyeh
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment which has been banned at Queen’s Park.
Here's why provinces aren't following Saskatchewan's lead on the carbon tax home heating fight
After Prime Minister Justin Trudeau said the federal government would still send Canada Carbon Rebate cheques to Saskatchewan residents, despite Saskatchewan Premier Scott Moe's decision to stop collecting the carbon tax on natural gas or home heating, questions were raised about whether other provinces would follow suit. CTV News reached out across the country and here's what we found out.