Anyone operating a short-term rental in Toronto must be registered by December 31, 2020, in order to continue renting on such a basis in the city.

The City of Toronto launched a new online registration system for short-term rental operators -- those who rent their homes for a period of less than 28 consecutive days -- in September.

Since its inception, it has been mandatory for said operators to register through the system in order to continue legal operations. When the system was announced, the city set its December 31 deadline for the continuation of operations.

Despite the municipality currently being under Ontario's Grey – Lockdown category, the date holds firm.

"Registration is a mandatory step to legally rent out homes for short-term stays in the city," officials say. "You are only allowed to short-term rent your principal residence - the residence where you live - and the address you use for bills, identification, taxes and insurance."

READ: Mandatory Registration of Short-Term Rentals Officially Begins in Toronto

According to city officials, government-issued identification and information submitted through the application are validated by the municipality through a five-day processing period. As such, those affected by the deadline are encouraged to register and pay the $50 fee "as soon as possible" to avoid last minute delays.

The process can be undertaken online here.

Once registered, short-term rental operators must include their valid, City-issued registration number on all listings advertising the short-term rental. They must also start collecting the Municipal Accommodation Tax (MAT) -- a payment which is due on a quarterly basis within 30 days of the end of the quarter -- from January 1, 2021.

"If you do not rent out your short-term rental in a given quarter, you must still file a remittance each quarter," officials say. More information on how to submit MAT payments will be available early next year.

Operators are also required to keep a record of all accommodation transactions, including revenue collected, and any exemptions that may apply during a reporting period.

The City of Toronto says it continues to respond to short-term rental issues on a complaint basis. Residents can contact 311 to report issues related to short-term rentals, such as noise, waste and concerns if others are renting homes that are not their principal residence.

After January 1, the City will take enforcement action against short-term rental operators who are not registered, or who are not following the rules, as well as against short-term rental companies that allow unregistered operators to list on their platform, or contravene the bylaw.