The British Columbia Property Tax Deferment Program is a loan program that allows you to defer your annual property taxes on your home if you meet certain criteria.
To qualify, you must be a Canadian citizen or a permanent resident who has lived in British Columbia for at least one year immediately prior to applying for te derment benefits and be:
55 years or older during the calendar year
A surviving spouse, or
A person with a disability as defined by regulation
You may defer taxes on the home where you live and conduct your daily activities. Second residences, such as summer cottages or rental properties, do not qualify for tax deferment benefits.
You can apply once you receive your property tax notice.
Pick up an Application and Agreement for Deferment of Property Taxes form
Complete your home owner grant application and tax deferment application forms
Return the completed home owner grant and deferment forms to your municipal office for processing before the property tax due date.
The following fees apply.
A one-time administration fee of $60 for new approved agreements.
A $10 annual renewal fee for accounts with approved renewal applications.
After deducting your home owner grant, you can defer all, or part, of the unpaid balance of your residential property taxes for the current year. All penalties, interest, previous years’ property taxes, etc cannot be deferred.
Simple interest is charged at a rate not greater than 2% below the bank prime rate. You can defer your taxes as long as you own and live in your home and continue to qualify for the program.
For more information – www.sbr.gov.bc.ca/rpt