In September, our Partner and Co-Founder, Amanda Smyth contributed to the Toronto Law Journal, with the help of our summer law student Lily Meng, looking deeper into the Toronto Vacant Home Tax and how it applies to homes in the GTA.
"On February 3, 2022, the City of Toronto passed By-Law 97-2022, enacting the Vacant Home Tax (“VHT”). The VHT levies a one percent annual tax on the Current Value Assessment (“CVA”) of vacant properties in the Greater Toronto Area (“GTA”). This tax is one way in which the City of Toronto is attempting to increase housing supply within the City, hoping that the tax will disincentivize property owners from leaving housing supply vacant. All residential property owners are required to declare the occupancy status of properties owned by them, through an online declaration form. Those who declare their property as vacant (without a qualifying exemption) or fail to make a declaration are subject to the VHT."
Read the full article here.
This update is not intended to provide legal advice, but to high-light matters of interest in this area of law. If you have questions or need assistance in navigating the VHT in the acquisition of a property, please contact Amanda at amanda@ritchiesmyth.com.