What You Need to Know About the Toronto Vacant Home Tax (VHT)
Tuesday Feb 07th, 2023
The City of Toronto is reminding all homeowners to submit a declaration of their property’s 2022 occupancy status by Thursday, February 2 to determine if the property is subject to the new Vacant Home Tax.
A property is considered vacant if it is not the principal residence of the owner or any permitted occupants or was not occupied by tenants for at least six months during the previous calendar year or is otherwise deemed to be vacant under the bylaw.
The tax is 1 per cent of the current value assessment (CVA) of the home.
Exemptions include principal residence, death, repairs, units undergoing major renovation, owner is in care or hospital, court order, transfer of legal ownership and occupancy for full-time employment is in place.