Over 94,000 Toronto owners have failed to declare their property's occupancy status for the Vacant Home Tax, ultimately leading the City to extend the deadline. 

The City of Toronto announced on Thursday that it's approving the extension of the deadline for residential property owners to declare the status of their property(s). 

The deadline to make a declaration this year is now Feb. 28 instead of the original Feb. 2. 

According to the City's news release, more than 88 per cent of declarations have already been submitted, but over 10 per cent of homeowners have failed to declare their property's status. 

Although the Vacant Home Tax will not apply to the vast majority of Toronto residents, all homeowners must submit a declaration. 

The new tax is hoping to crack down on residences left unoccupied for long periods of time to increase the supply of housing in the city. Revenues collected from the tax will be allocated towards affordable housing initiatives. 

Toronto's vacant home tax has arrived and here's what you need to know https://t.co/cWT33nyzv8 #Toronto #TorontoRealEstate #RealEstate

— blogTO (@blogTO) January 30, 2023

Residential properties that are declared vacant for six months or more during the taxation year and without an eligible exemption will be required to pay the tax. 

A tax of one per cent of the Current Value Assessment (CVA) will be imposed on all Toronto residences that are declared/deemed/determined vacant for more than six months during the previous year. 

City Council's amendment to the Vacant Home Tax bylaw also includes a change to the payment dates for the tax. Instead of a one-installment payment date of May 1, owners of properties subject to the tax can submit payments in three installments on May 1, June 1, and July 1. 

The change has been made to moderate the financial impact on property owners who must pay this tax. 

The City will be mailing reminder notices to property owners who did not declare their property's occupancy status by the original Feb. 2 deadline. 

If you've missed the deadline, you can make the declaration of your property's occupancy status on the City's online portal here.