The government of Ontario has implemented a Vacant Home Tax in an effort to address the issue of housing affordability. This tax is intended to encourage property owners to either occupy or rent out their properties. In this blog, we’ll look at the Vacant Home Tax, its implications, and how it affects Ontario property owners.
What exactly is the Vacant Home Tax? The Vacant Home Tax is a tax levied on unoccupied residential properties for a set period of time. The tax is levied on “vacant” properties, such as those that are not used for residential purposes for more than three months in a calendar year. The tax is imposed on properties in the City of Toronto and is calculated at 1.25% of the assessed value of the property.
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