Important 2024 Tax Changes

Important municipal and federal tax changes are happening in 2024 that may impact you. Here’s what you need to know:

1) Toronto Vacant Home Tax: Toronto’s Vacant Home Tax for 2023 is currently 1%, but will increase to 3% for the 2024 tax year. If you have a home sitting empty, you may want to consider your options to avoid the higher tax. The City of Toronto’s online portal to declare the 2023 occupancy status of your property is now open. You must file before Feb. 29, 2024. Follow this link to declare the occupancy status of your property.

2) Toronto’s New Graduated Municipal Land Transfer Tax Rate comes into effect for properties valued at $3,000,000 or more starting Jan. 1, 2024. The new graduated rates in the City of Toronto are as follows:

November 7, 2023

  
      Value of Consideration (Existing) 
      Municipal Rate 
    
      Up to and including $55,000 
      0.5%
    
      Over $55,000 and up to $250,000
      1%
    
      Over $250,000 and up to $400,000
      1.5%
    
      Over $400,000 and up to $2,000,000
      2%
    
      Over $2,000,000 and up to $3,000,000
      2.5%

  
      Value of Consideration (New) 
      Municipal Rate 
    
      Over $3,000,000 and up to $4,000,000 
      3.5%
    
      Over $4,000,000 and up to $5,000,000
      4.5%
    
      Over $5,000,000 and up to $10,000,000
      5.5%
    
      Over $10,000,000 and up to $20,000,000
      6.5%
    
      Over $20,000,000
      7.5%

Toronto homes are also subject to provincial land transfer tax.