What Toronto homeowners need to know about the vacant home tax deadline this week

, said homeowners should strive to meet the Feb. 2 deadline in order to avoid steep fines, which range between $250 for failing to submit a declaration to $10,000 for making a false declaration.“From the homeowners’ perspective, I think awareness is really important because the city is being quite stringent in terms of the fines if you don't comply,” she said in a Monday phone interview with BNNBloomberg.ca..

She also advised that home buyers and sellers pay close attention to their closing dates when it comes to the tax. Owner lives outside the Greater Toronto Area but requires the vacant home for occupation-related residency for at least six months of the yearPaperwork is required to qualify for an exemption to the tax, and Graham said people with exemptions or those who might fall through the cracks should stay on top of communication with municipal officials.

Vancouver was the first to introduce a tax on vacant homes and said in November it had generated $115.3 million for affordable housing initiatives and renter supports since 2017.

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