Toronto authorities have found an interesting way to fulfil the local budget
The new tax should help raise $66 million CAD for the year. Who will pay?
Starting in February 2023, all homeowners in Toronto where no one has lived for more than 6 months will have to pay a new tax. Many residents, of course, are outraged and are sending their complaints to the local government.
The purpose of the new tax is to put pressure on owners to have as little empty property in the city as possible. Owners must either sell it or put it on the rental market. This is a way to overcome the housing crisis.
An empty property is inspected: if no one lives there for 6 months of the year or if the house is not used as the primary residence of the owner or "permitted occupants," it is subject to additional taxation. The property is assessed based on market rates. A 1% of the total value is payable. Homeowners can be fined between $250 CAD and $10,000 CAD for evasion.
All homeowners will receive a notice as early as March or April, and the deadline to pay the tax is May 1.
The law provides for a number of exceptions:
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