Скачать или смотреть Toronto's New Vacant Home Tax: What You Need to Know

Hi from Tax Partners!

The City of Toronto has implemented a Vacant Home Tax on all vacant residential properties to increase housing supply by discouraging owners from leaving their properties unoccupied.

A property is considered vacant if it has been unoccupied for more than six months in the previous year unless it is the principal residence of an occupant. Residential rental properties are not considered vacant if rented for at least 30 consecutive days and occupied for six months or more. Short-term rentals like Airbnb may result in the property being considered vacant.

Owners must pay 1% of the property's Current Value Assessment each year. Late declarations may incur a $250 fine, and false declarations can result in fines from $250 to $10,000.

Contact us for more information. Stay informed. Stay compliant.

(905) 836-8755
[email protected]
www.taxpartners.ca
TaxPartners

#taxpartners #tax

#Canadatax #torontotax #TAX2023 #accountant #torontoaccountant #lawtax #cryptotax #TAX2024
#cryptocurrency #accountancy #charteredaccountancy #torontotaxlawyer #torontorealestate #taxseason #2023taxchanges #taxtips