Toronto/IBNS: Toronto City Council has officially approved the extension of the deadline to Feb 28 instead of Feb 2 for residential property owners to declare their property’s occupancy status for the Vacant Home Tax, a news release has reported.

A change to the payment dates for the tax also is included for the Council’s amendment to the Vacant Home Tax bylaw.

Owners of residential properties subject to the Vacant Home Tax can submit payment in three instalments on May 1, June 1 and July 1 instead of a one-instalment payment date of May 1.

Considering that this is the first year of the declaration of the property’s occupancy status by the residential property owners, the City of Toronto is facilitating the extended period to submit declarations.

"We understand that declaring the occupancy status of one’s residential property is a new process for Toronto homeowners...we are giving them every opportunity to make their declaration before the Vacant Home Tax notices are issued...The goal of this tax is to add units to our housing supply to help address the current housing crisis,” Toronto Mayor John Tory said in the news release.

With more than 88 per cent of declarations having already been submitted, declarations of property occupancy status can be made quickly and easily on the City’s secure online portal.

The tax will not apply if owners live in their home but go to a vacation home during parts of the year or work abroad, or even if residents rent out their property. Nevertheless, all homeowners must submit a declaration.

In the declaration of the occupancy of their home, homeowners only require their property assessment roll number and customer number which can be found on the most recent property tax bill, or the declaration notices mailed out by the city late last year.

Reminder notices to property owners who did not declare their property’s occupancy status by the original Feb 2 deadline have been mailed by the city which also includes the owner’s property assessment roll number and customer number and will start to arrive in the mail in the coming days.

Full details about the Vacant Home Tax, the available exemptions and how to submit a declaration of property occupancy status are available on the City’s Vacant Home Tax webpage.

(Reporting by Asha Bajaj)