Toronto's vacant home tax declaration deadline is today, failure to submit will result in fine

Homeowners in Toronto have until the end of the month to submit their 2023 occupancy status or face a fee for failure to declare.

The city’s vacant home tax (VHT) charges owners who leave their properties vacant for more than six months in a calendar year. For 2023, the taxation rate is one per cent, meaning that the tax for a property valued at $1 million by Toronto’s Current Value Assessment (CVA) is $10,000.

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Now in its second year, the goal of the tax is to increase housing in the city by discouraging owners from leaving their residential properties unoccupied. 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).

However, even though most won’t have to pay the tax, the city said every homeowner must declare their occupancy status by Feb. 29 or pay a $21.24 fee.

Homeowners can make their declaration online at the city’s portal here.

The city said it will send “Notices of Assessment for Vacant Home Tax” to residences declared, deemed or determined vacant. Homeowners who don’t make a declaration will have their properties deemed vacant and will receive notifications by the end of March.

“Property owners who disagree with the VHT assessment can file a complaint through the online portal beginning in early April,” the city said.

Property owners without computer access can authorize someone to submit online on their behalf, the city said.

More information, including how to get in-person help submitting your declaration, can be found here.