Property Tax Deferment Programs

Property Tax Deferment Programs

The Province of B.C. offers two programs to allow you to defer all or part of your annual property taxes on your home. Under these programs, taxes are paid on your behalf by the Province, and are accrued along with simple interest set by the Minister of Finance.

You may defer all or a portion of your current year taxes on your principal residence after the amount of the Northern and Rural Area Home Owner Benefit.  You cannot defer user fees for sewer, garbage and recycling.

Regular Property Tax Deferment Program

To qualify you must:

  • be either 55 years or older (only one spouse need be 55), widowed or disabled; and if you are
  • a Canadian citizen or permanent resident who has lived in BC for at least one year before applying for the deferment; and
  • have at least 25% equity in your home based on your assessment

Families with Children Deferment Program

This program is designed to assist families with children, particularly during those years where costs are higher.  To qualify you must:

  • sign a declaration that, at the time of application the applicant financially supported any child under the age of 18 in the calendar year; and
  • be a Canadian citizen or permanent resident who has lived in BC for at least one year before applying for the deferment; and 
  • have at least 15% equity in your home based on your assessment 

With both applications, if you have a mortgage on your property a copy of your mortgage balance must accompany the application.

How to Apply

Once you have received your property tax notice, complete the application form.  Ensure that all registered owners on the property sign the agreement.  Before your tax due date claim your Home Owner Grant, pay any user fees and submit your application to the Town office.

FIN 51 Tax Deferment Guide

Regular Tax Deferment Application

FIN 28 Families with Children Tax Deferment Guide

Families with Children Application

For more information visit the provincial website at  www.rev.gov.bc.ca/rpt/property_tax_deferment.htm

 

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