New Vacant Property Tax in Ottawa

New Vacant Property Tax in Ottawa

own one holiday home in Canada, Canada’s capital, Ottawa, plans to introduce a vacant unit tax (“VUT”) in 2023 based on the occupancy status of residential property.

by city Ottawa VUT aims to inspire homeowners property To live or rent, helping to address the affordable housing crisis. expected to generate net income Tax Used to support the city’s affordable housing initiative. Once applicable, vacancy tax will be calculated at the rate of one percentage applicable to the appraised value of the property as used in computing annual property taxes.

Similar taxes have recently been introduced in cities such as vancouver Introduced to curb speculation and vacancy situation, but despite this measure, housing conditions in the popular and hot real estate markets have not improved.

It seems that in small towns and cities Canada Follow suit now to prevent homes from being bought as investments rather than rentals. As prices continue to rise in major cities, this could lead investors to other cheaper cities, such as Ottawa, looking to take action to combat home vacancy. If this proves to be a trend and more Canadian cities or counties implement such a tax, so will the owners of occasional occupants – eg. B. Paying substantial taxes for the luxury of using a potentially short trip – for summer and winter holidays in Canada.

Do you have questions about Canadian tax law and real estate law? Our law firm specializes in Canadian law and can provide you with comprehensive advice on the purchase, sale and inheritance of real estate in Canada. Contact us at any time if you need timely initial advice on Canadian investments. We will be happy to build your bridge to Canada.

READ  See, Feel, Taste Canada, Viking Riesen GmbH, press release

Written By
More from Alec Woods
2 charged with assault over attack on Walmart clerk who asked customers to wear masks: RCMP
Two people have been charged with assault after an altercation over the wearing of...
Read More
Leave a comment

Your email address will not be published.