UNEXPECTED Vacant Home Tax Bill: 150,000 People in Toronto Received a Vacant Home Tax Bill
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- Опубліковано 6 чер 2024
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Beware! Unexpected Vacant Home Tax Bills in Toronto Explained
Are you a homeowner in Toronto? You might want to brace yourself for unexpected vacant home tax bills! In this eye-opening video, we delve into the shocking reality of homeowners receiving hefty bills for properties they thought were exempt. Join us as we uncover the intricacies of Toronto's vacant home tax, its implications, and how you can avoid falling victim to this widespread problem.
Back in 2021, the government introduced the vacant home tax to address the housing crisis. But what does it mean for you? If your property remains unoccupied for more than 6 months in a year, get ready to pay up to 1% of its assessed value. That's right - even if it's your principal residence or a rental property, you're not off the hook.
Stay tuned as we dissect the filing process. Every homeowner in Toronto must submit a vacant home tax declaration annually, no exceptions. Missed that reminder in your property tax bill? You're not alone. Thousands received bills due to oversights or misconceptions about the tax's scope.
But here's the kicker: even if you filed correctly, mistakes happen. We'll uncover the chaos that ensued when 150,000 bills were erroneously sent out, leading to a frenzy of complaints and appeals.
Ever wondered how much revenue the government actually makes from this tax? Spoiler alert: it's substantial. With an average tax of $7,000 per property and over 20,000 collections, that's a whopping $140 million. But at what cost? We'll explore the administrative expenses and the recent hike in the tax rate to 3%.
And if you're a landlord, we've got answers for you too. Learn why completing occupancy closing doesn't necessarily mean you're liable for the tax, saving you from potential headaches down the line.
Whether you're a seasoned homeowner or a first-time buyer, this video is a must-watch. Don't let confusion or oversight drain your finances. Hit like, share with fellow Toronto homeowners, and subscribe for more insightful content. Have questions? Drop them in the comments below!
Hi Dan, just want to say thank you to your rental team for doing declaration!
Thank you for the explanation.
Thank you Wang. Another good video from you.
Thanks Dr. Dan!
Great video
What if we can’t find tenants to occupy the rental property due to various factors. Do we need to pay the tax?
I did not get the notice for last year. I did not file for last year how do I fix it now?
Just pay the 20% of your home equity and it's fixed til next year until you pay it again.
@@xyz1663 its occupied, nothing to pay
Hello Mr Wang ! I fogot to declare my property in 2022 but I did for 2023 is there appeal for the yr of 2022 which i gt penalty of; pls help
1% vacant tax was theft
3% is a kind of terro. rism
On top of Income Tax we end up paying all other taxes below leaving pennies in the pocket.
Goods and Services Tax
Provincial Sales Tax
Harmonized Sales Tax
Property Tax
Luxury Tax
Carbon Tax
Vacant Property Tax
Excise Duties and Taxes on essential goods imported for personal use as well retail
Just assume 1/2 your income goes to fund others. By the time I die I’m sure I’ll be paying 2/3 to taxation. I’ll be so happy to make $300,000 when I’m 65 years old only to ever see $100,000 year. Currently I’m 31 and make $120,00 and only truly see $60,000.
This tax is stupid for home owners but makes sense for foreign investors. They need to sort out the difference. People who just bought a home in Toronto should not have to worry about a tax if they live there. People who live here buy a home and pay this tax and it is unfair that government charged them automatically with out checking. It is stupid for torontonions
not if the home owner purposely buy mulitiple properties and leave them vacant in the hope of driving up rent and property cost. So yeah, this tax is a bit late, and 1% is too low. Slap 10% on 1st year, 20% second year, 40% second year, 100% the year after and so on.
You have elected self-serving lifts, NPD mayor in charge. Why complain?
I would say this is a good reason to not buy property in Toronto
My friend! Mokey business is over! Consider this tax proof of income ! 😂