Blog, Real Estate

2024 Vacant Home Tax Declaration for Toronto Home Owners Deadline

February 13, 2024

The deadline for filing the Vacant Home Tax Declaration is February 29th, 2024.

Please note: This article is meant for educational purposes only. Rabideau Law does not provide tax filing services.

The Declaration can be submitted online at https://www.toronto.ca/services-payments/property-taxes-utilities/vacant-home-tax/vacant-home-tax-declaration-of-occupancy-status/

Beginning this year, a fee of $21.24 will be imposed for late submissions, with an additional penalty of $250 for missing the deadline altogether. It’s crucial to be accurate in your Declaration, particularly if the property isn’t your principal residence, as providing false information can result in fines of up to $10,000.

According to the City of Toronto’s By-Law, a property is deemed vacant under certain circumstances:

The property was not the principal residence of the owner or any permitted occupants, such as children or parents, or the property was not occupied by tenants for a total of six months or more during 2023.
The property was not eligible for an exemption.
The property was deemed vacant because the owner failed to submit a declaration for occupancy status or any required supporting documentation.

An exemption exists if you bought the property in 2023. You can select: “Transfer of Legal Ownership” when filing.

Failure to file the Declaration may result in the imposition of the Vacant Home Tax on the property. Therefore, it is essential to submit the Declaration on time.

If you prefer to file in person, the City is offering in-person assistance from 10 a.m. to 3 p.m. at the following locations and dates:

Toronto City Hall: February 28 and 29
Scarborough: Feb 28 and 29
Etobicoke Civic Centre: Feb 28 and 29
North York Civic Centre: Feb 26 and 27
East York Civic Centre: Feb 26 and 27

The Vacant Home Tax is determined by the Current Value Assessment, as determined by MPAC, of the property. For the previous tax year, (2023), the tax was 1% of the CVA and for the current year, (2024), it’s increased to 3% of the CVA.

Given the potential financial impact, it’s crucial to stay informed about Vacant Home Tax requirements and exemptions. Additional details, including filing methods and complaints procedures, can be found at https://www.toronto.ca/services-payments/property-taxes-utilities/vacant-home-tax/

About Geoff Rabideau

Geoff Rabideau, Principal Lawyer and Owner of Rabideau Law and Custom Closing is known as a mover and shaker in the real estate industry. Having been a practising lawyer for over 18 years, his innovative ideas and technological thinking has positioned him in the top 20, in terms of volume, of all real estate lawyers in Canada. He believes the client experience is of the utmost importance and strives to find convenient and effective ways to ensure quality legal services are provided, while simultaneously surpassing client expectations. With an understanding that client satisfaction needs to be achieved at every level, Geoff seizes every opportunity to educate real estate professionals to better serve not only their clients, but the real estate industry as a whole. Geoff often presents at CMBA as a guest speaker, his presentations are educational and engaging, and is the author of the chapter on real estate law in CMBA’s Mortgage Agent Course.