On December 6, 2017, Toronto City Council voted to establish a new property tax class for "Creative Co-Location Facilities". This is intended to provide some arts facilities (e.g. 401 Richmond, Artscape) in Toronto significant relief against property taxes pegged to market values, and to ensure that creative hubs are able to maintain their activity in vibrant and developing neighbourhoods. The new property tax class is in effect as of the 2018 taxation year.
By Heather Young
Don’t miss out!
February 29, 2012 should be circled in your calendar for more than just T-slip filing.
Under Ontario law, municipalities must offer a rebate of at least 40% of property taxes to charities that occupy commercial or industrial property. Municipalities can rebate up to 100% of the tax if they wish, and can also offer rebates on other classes of property.
Charities should contact their local municipality, and/or consult its website to learn how to apply for this money.
Toronto registered charities that occupy commercial or industrial property may be eligible for a rebate of 40% of property taxes paid if they meet the eligibility requirements, as outlined in Section 329 of the City of Toronto Act, 2006.
A description of Toronto’s program and application form can be found on this page on the City of Toronto website.
Don’t wait till the last moment!
Leave yourself plenty of time to round up the documentation and complete the form. Requirements vary, but may include securing a letter from the Canada Revenue Agency Charities Directorate confirming your registration status, plus a letter and/or tax information from your landlord.
You can apply for these rebates every year on the last day of February after the tax year in question.