Essential Info for Etobicoke Homeowners

Toronto Vacancy Tax in Etobicoke. As an award-winning real estate agent specializing in Etobicoke, I prioritize keeping homeowners informed about essential property regulations such as Toronto Vacancy Tax in Etobicoke. One critical requirement is Toronto’s Vacant Home Tax (VHT) declaration. All residential property owners in Toronto, including Etobicoke, must declare their property’s occupancy status for 2024 by April 30, 2025. Even if your property is your principal residence, you must submit this declaration. If you don’t declare your property’s occupancy status, the city will consider it vacant and impose a 3% tax based on its Current Value Assessment (CVA). For example, a property assessed at $1,000,000 would incur a $30,000 tax.

How to Submit Your Declaration

1. Visit the City’s secure online portal.

2. Click ‘Submit Declaration.’

3. Agree to the terms of use.

4. Follow the prompts.

To be in compliance for Toronto vacancy tax in Etobicoke you’ll need your 21-digit assessment roll number and customer number, found on your property tax bill or Vacant Home Tax notice. If you own multiple properties, submit a separate declaration for each. After completing the process, save or print the confirmation for your records.

Determining Your Property’s Occupancy Status

• Principal Residence:

  If your property serves as your primary residence and you lived there for at least six months in 2024, it is considered occupied and not subject to the tax.

• Occupied by Others: Properties occupied by tenants or other permitted occupants under a written agreement for at least six months are also exempt.

• Vacant with Exemption: Certain situations, such as the death of the registered owner or extensive renovations, may qualify the property for an exemption even if it was vacant.

• Vacant Properties: Homes unoccupied for six months or more without a valid exemption are subject to the tax.

You must submit a declaration by the deadline; otherwise, the city will consider your property vacant and apply the tax.

 

Exemptions to the Vacant Home Tax

The City of Toronto recognizes certain circumstances that may prevent a property from being occupied. Exemptions include:

• Death of the Registered Owner: If a property remains vacant for six months or more due to the owner’s death, the owner can claim an exemption for up to three consecutive years.

• Major Renovations: Properties undergoing significant renovations that render them uninhabitable may qualify for an exemption.

• Principal Resident in Care: If the principal resident is residing in a care facility for medical reasons, the property may be exempt for up to two consecutive years.

• Transfer of Legal Ownership: Properties that changed ownership during the year may be exempt.

• Court Order: If a court order prohibits occupancy, the property may qualify for an exemption.

You must submit supporting documentation is required to claim these exemptions. It’s advisable to retain all relevant records for at least three years, as declarations may be subject to audit.

Etobicoke Vacant Home Tax: Consequences of Non-Compliance

Failing to submit the declaration by April 30 will result in the property being deemed vacant, and the 3% tax will be applied. Providing false information can lead to fines ranging from $250 to $10,000. Unpaid taxes will form a lien on the property, which could complicate future transactions, such as selling or refinancing.

Final Thoughts

As an expert in Etobicoke real estate, I understand the importance of staying informed about policies that impact property ownership. The Vacant Home Tax is a significant initiative by the City of Toronto aimed at increasing housing availability and supporting affordable housing projects. By ensuring timely and accurate declarations, homeowners can avoid penalties and contribute to the city’s efforts in addressing housing challenges.

If you have any questions or need assistance with the Vacant Home Tax declaration process, feel free to reach out. I’m here to help you navigate the complexities of the Etobicoke real estate market and ensure compliance with all municipal requirements.ies of the Etobicoke real estate market and ensure compliance with all municipal requirements.