Understanding Toronto's Proposed Property Tax Increase: What It Means for You The City of Toronto is looking at a 6.9% property tax increase this year to support its $18.8-billion budget for 2025. This hike includes a 5.4% rise in residential property taxes and an additional 1.5% increase in building levy fees. For the average homeowner, this means an extra $210 on your annual bill, plus another $58 to fund improvements in transit and housing. Here’s what’s going on and... [read more]

New this tax season is the Underused Housing Tax (UHT). This is a Federal Canada wide new tax and declaration form. It came into effect on January 1, 2022. But more information has now been provided by Canada Revenue Agency and the form is now available. What is it; This is a 1% annual tax on the greater of the assessed value or FMV of non-resident, non-Canadian owned residential real estate that's considered to be vacant or underused. Why it’s important; Unless you are an... [read more]