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Toronto's Vacant Home Tax Has Arrived And Here's What You Need To Know

That unkempt, overgrown property on your street could soon finally get some tenants thanks to a new City of Toronto tax clamping down on vacant homes.

After much discussion on taxing owners of unoccupied units, the City finally passed its vacant home tax in mid-2021, and put it into effect at the start of 2022.

The new tax is expected to bring in another revenue stream for the cash-strapped city while also incentivizing owners to secure tenants and bring their units back into the housing supply.

With a year of the new tax now in the books, the deadline arrives this week for homeowners to declare their occupancy status for 2022.

If you are the owner of a unit — whether it was occupied or vacant in 2022 — you are required to declare occupancy status by February 2, though there are indeed some exemptions.

Here's everything you need to know about the new vacant home tax:

Declare your status every year....

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