How desperate is the government for money? They’re introducing a series of vacant property taxes!

Just kidding, this legislation is aimed at increasing housing occupancy rates.

Who needs to declare:

• Individuals without PR cards or Canadian citizenship (international students, work permit holders, and non-residents who own property).
• CCPC (Canadian-controlled private companies), individual trusts, partnership corporations.

Not required to declare:

• Canadian permanent residents and citizens who directly own Canadian properties.
• Publicly traded companies.
• Registered charitable organizations, etc.

You need to declare as long as you held the property on December 31, 2022. Each property declaration requires a separate form, and co-owners must each file individually.

In summary,

1) Regardless of whether you’re on a study permit, work permit, accompanying parent, tourist visa, or whether your property is for personal use, rent, or vacant, as long as it’s in Canada, you must declare!

2) Owner-occupied, rented, used for children, spouse, parents, can be exempt from vacant property tax, but you must declare to get the exemption!

Declaration deadline: April 30, 2023, but declarations made before October 31, 2023, are exempt from fines.

Payment amount: 1% of the property value.

Note: 1) Those who don’t need to declare federal vacant property tax definitely don’t need to pay taxes.

2) Those who need to declare federal vacant property tax can receive exemptions (exemptions depend on the type of property owner, property usability, address and purpose of the property, and property occupants).

3) Penalties for late declarations: Individuals fined $5,000, companies fined $10,000.