Vacancy Rebate Program for Business Owners to be Phased Out in Mississauga
Published April 26, 2017 at 7:43 pm
With over 143,000 businesses in Peel Region, many business owners benefit from tax rebates.
The Vacant Unit Rebate Program has provided property owners in Ontario with vacant commercial and industrial buildings or land with a property tax rebate since 1998.
Now, municipalities have flexibility to tailor the program to their needs.
According to the region, the following eligibility changes are being introduced this year:
An eligible vacant unit must not include any non-permanent structures (such as cubicle walls, removable shelving, furniture, etc.) and must not be used for any form of storage,
A property/unit/delineated area will not be eligible if a vacancy rebate has been provided in the last three consecutive years (such as 2014, 2015 and 2016 taxation years), and
Storage units, hotels, fuel storage tanks, gravel pits, when a business is closed due to strike or lockout, or when a unit is in a fixturing period will no longer be eligible for the program.
Business owners in Mississauga, Brampton, and Caledon are invited to discuss the proposed changes to the program at these locations:
- Mississauga: Applewood Room, Burnhamthorpe Community Centre on Friday May 5, 9:30-11:30a.m.
- Brampton: Boardroom WT-2C and WT-2D, West Tower, Brampton City Hall on Wednesday May 3, 2-4 p.m.
Caledon: Mayfield/Palgrave Rooms, Caledon Town Hall on Wednesday May 3, 9:30-11:30 a.m.
Ultimately, the Region is proposing a phase-out for the vacancy rebate program. Rebate percentages will be reduced yearly and by 2020 the program will end.
The following is the phase-out structure that will be used for the program:
2017: Current rebate of 30 percent with some eligibility changes
2018: Rebate of 20 percent, same eligibility as 2017
2019: Rebate of 10 percent, same eligibility as 2017
2020: Rebate of 0 percent, program ended
Business owners in Peel can also provide their feedback on the proposed changes online by May 26, 2017 here.