Negative Consequences When Leaving a House Vacant

This article examines the risks of leaving a house vacant for an extended period, particularly during retirement or vacations. Potential issues include theft due to lack of security, fraud with vacant homes being sold, higher insurance costs, and various vacant home taxes.

What is the Toronto Vacant Home Tax?

The Toronto Vacant Home Tax is a tax imposed on residential properties in Toronto that are deemed to be vacant or underutilized. The tax is intended to encourage owners to make their properties available for rent or sale in order to increase the city's housing supply. The tax was approved by Toronto City Council in 2017 and came into effect on January 1, 2022. Under the tax, owners of vacant or...

What is the Underused House Tax?

The Canadian Federal government has introduced the Underused Housing Tax Act (UHT) to prevent foreign buyers from purchasing residential properties and leaving them vacant. The act came into effect on January 1, 2022, and the filing requirements and forms were recently released by the Canada Revenue Agency (CRA). Note that this is not the same as the Toronto Vacant Home Tax. It is important to note that...

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