Understanding vacant home tax is really important, and there are a lot of things that can help you to improve your understanding of this. As a homeowner, you need to be aware of the financial implications that can affect your home, and one of these is to consider how well you can boss your home ownership better.
Introduced in 2022, vacant home tax is designed to increase housing availability. The tax is applied to a residential property that is in use as a dwelling for fewer than 30 days in a 12-month period. The tax initiative in Toronto requires homeowners to declare their home as occupied or vacant.
The idea behind the tax is to encourage homeowners to sell or rent out their vacant properties (often second homes), with the goal of being able to provide more affordable housing options for people, and promoting availability, as well as affordable initiatives for those seeking somewhere to live.
Being able to get a handle on the financial implications of owning a home is really important, and this is something that you have to make sure you focus on as much as possible.
SourceAlloway Property Group