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←Executive Committee · 2021-07-06 · 2021.EX25.3

The filed record

Recommended Tax Design and Steps to Implement a Vacant Home Tax in Toronto

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The decision

2021-07-14 · Toronto City Council · amended

As filed

City Council on July 14, 15 and 16, 2021, adopted the following: 1. City Council approve in principle the proposed tax design features in Attachment 1 to the report (June 21, 2021) from the Chief Financial Officer and Treasurer and the Executive Director, Housing Secretariat. 2. City Council direct the Chief Financial Officer and Treasurer and the Executive Director, Housing Secretariat to: a. undertake public consultation and receive written comments from all stakeholders on the proposed tax design; and b.

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report back during the fourth quarter of 2021 with the findings from consultations and any modifications to a finalized tax design and an enabling tax by-law for City Council's consideration for implementation on January 1, 2022. 3. City Council direct the Chief Financial Officer and Treasurer and the Executive Director, Housing Secretariat to include in the report back in the fourth quarter of 2021 the findings from consultations, proposed operational procedures and policies for the administration and enforcement of the Vacant Home Tax program to ensure compliance with the applicable requirements of the Municipal Freedom of Information and Protection of Privacy Act and the Canadian Charter of Rights and Freedoms. 4. City Council direct the Chief Financial Officer and Treasurer and the Executive Director, Housing Secretariat to report back to the Executive Committee by the end of the fourth quarter of 2021 on any additional tools available to the City of Toronto, such as a speculation tax, including those used in other major jurisdictions, to discourage the treatment of housing as a commodity. 5. City Council direct the Chief Financial Officer and Treasurer and the Executive Director, Housing Secretariat to report back to City Council, through the Executive Committee, by the end of 2023 with an update on the implementation of the Vacant Home Tax in Toronto, learnings from other jurisdictions that have implemented a similar tax and recommendations for any required changes to the Toronto Vacant Home Tax program, including any potential increase to the tax rate.

The vote

Adopt Item as Amended · Carried, 25-1

For (25)Ana Bailão, Anthony Perruzza, Brad Bradford, Cynthia Lai, Denzil Minnan-Wong, Frances Nunziata, Gary Crawford, Gord Perks, James Pasternak, Jaye Robinson, Jennifer McKelvie, Joe Cressy, John Filion, John Tory, Josh Matlow, Kristyn Wong-Tam, Mark Grimes, Michael Ford, Michael Thompson, Mike Colle, Mike Layton, Nick Mantas, Paul Ainslie, Paula Fletcher, Shelley Carroll
Against (1)Stephen Holyday
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On the agenda

As the city filed it

City Council, at its meeting of December 16-18, 2020, considered the report EX19.3: Policy Analysis, Potential Design and Possible Implementation of a Vacant Home Tax in Toronto , which provided research and analysis on this form of policy tool as well as potential design issues and implementation steps for an effective and efficient vacant home tax program designed to improve housing affordability and availability in Toronto.

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The direction from City Council was to develop key tax design features and administrative structures to support a vacant home tax (VHT) program and to report back with a recommended taxation design for a vacant home tax by the end of the second quarter of 2021 for implementation commencing in the 2022 taxation year. Council also directed that a report back address the public policy rationale for the tax and annual reporting requirements to measure the effectiveness of the tax, principal residence exemptions and the protection of snowbirds, the potential allocation of net tax revenues towards affordable housing initiatives, and coordination with other City property standards programs. This report responds to the Council request and presents key tax design principles to be considered as part of a future tax by-law, including annual declaration responsibility of all homeowners, key definitions of vacant homes, principal residence exemptions, other exempting conditions, administrative matters, tax rate, and general information regarding audit and enforcement functions, complaints and appeals process, offences and penalties and annual reporting requirements. The report also recommends that such design principles be presented for public and stakeholder consultation during third quarter of 2021. A further report with findings from the consultations plus any tax design modifications, along with a tax by-law, would then be presented to Council for consideration during the fourth quarter of 2021. The proposed by-law would become effective on January 1, 2022, with the first annual property declarations in respect of the 2022 taxation being due in 2023.

Staff recommended

The Chief Financial Officer and Treasurer and the Executive Director Housing Secretariat recommend that: 1. City Council approve in principle the proposed tax design features set out in Attachment 1 to this report. 2. City Council direct the Chief Financial Officer and Treasurer and Executive Director Housing Secretariat to: a. undertake public consultation and receive written comments from all stakeholders, on the proposed tax design; and b.

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report back during the fourth quarter of 2021 with the findings from consultations and any modifications to a finalized tax design and an enabling tax by-law for Council consideration for implementation on January 1, 2022.

Considered

  • 2021-07-06 · Executive Committee · adopted

    Decision as filed

    The Executive Committee recommends that: 1. City Council approve in principle the proposed tax design features set out in Attachment 1 to the report (June 21, 2021) from the Chief Financial Officer and Treasurer and the Executive Director, Housing Secretariat. 2. City Council direct the Chief Financial Officer and Treasurer and Executive Director Housing Secretariat to: a. undertake public consultation and receive written comments from all stakeholders on the proposed tax design; and b.

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    report back during the fourth quarter of 2021 with the findings from consultations and any modifications to a finalized tax design and an enabling tax by-law for City Council consideration for implementation on January 1, 2022.

  • 2021-07-14 · Toronto City Council · amended

On the record

The item as the City filed it

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