Toronto Vacant Home Tax – Essentials

This is the second post in a three-part series that provides important information regarding vacant home tax for homeowners in Toronto.

This post provides information for homeowners regarding the Toronto Vacant Home Tax (the "VHT")¹.

How it works?

In an effort to increase the supply of housing, the City of Toronto has implemented an annual tax to be levied on vacant Toronto residences. The VHT now requires residential property owners to submit a declaration of their property's status for the previous year. Homeowners who choose to keep their properties vacant will be subject to this tax.

VHT Calculation

For the 2022 and 2023 taxation years, a Vacant Home Tax of one per cent of the Current Value Assessment (CVA) will be levied on all Toronto residences that are declared, deemed or determined to be vacant for more than six months during the previous year.