A number of co-ops across Toronto have received Vacant Homes Tax Verifications forms from Toronto Revenue Services.
The City has developed a simplified process for co-ops to respond to these forms.
If at least one of the units is occupied, the co-op is considered not vacant and the VHT will not apply. Co-ops are required to submit one verification form for each tax roll number / building and identify the Co-operative Corporation as the occupant. Co-ops do not need to submit a form for every individual unit.
The City has reached out to all the co-ops it works with, but has asked CHF Canada and CHFT to reach out to our membership as well to ensure all co-ops receive the notice. Should you have any questions about the VHT, contact Toronto Revenue Services, using the contact information on the Vacant Homes Tax Verification form.
The deadline to respond to the form is February 2, 2023.
The goal of the Vacant Home Tax (VHT) is to increase the supply of housing by discouraging owners from leaving their residential properties unoccupied. Revenues collected from the Vacant Home Tax will be allocated towards affordable housing initiatives.
This is the first year the tax has come into effect. CHF Canada and CHFT will work with the City of Toronto to ensure the tax has minimal impact on existing co-ops, and supports the development of new co-operative housing throughout the City.