BC Property Tax Deferment Program

Blog by Arnold Shuchat | May 13th, 2015

You can pay your property taxes using your credit card to avail yourself of loyalty points from your card providers. This could be done by signing on to Epost and registering the City as a bill payee for both the property tax account and the city utility account. You need to do this soon to avail yourself of this option by the time your property taxes are due.  You should also register your utility account at the same time.

I am writing you today once again, to remind you know that there is also a tax deferment program for certain categories of applicants.  These categories are include, those with disabilities, those older than 55 (only need one such person on title) and those with children.  The specifics of these qualifications are set out at:  http://www.sbr.gov.bc.ca/individuals/Property_Taxes/Property_Tax_Deferment/ptd.htm

As an example of the benefit of tax deferment, if you are in the class of applicants over 55 years old, then you can defer your taxes for a small one time fee of $60 with an annual renewal fee of $10 for an interest charge no greater than Prime minus 2%.  Right now that equates to a 1% interest rate on unpaid taxes.  It might very well make sense to either defer the taxes outright if you need the cash, or defer them and pay down your higher interest mortgage pocketing the difference in interest every year.

There are additional qualifications required to take advantage of this program.  Firstly you need to have at least 25% equity in your home.  Then you need to have a fire insurance policy in place having a greater value than the amount on the property assessment relating to the building.

The Form Guide is here:http://www.sbr.gov.bc.ca/documents_library/forms/0051Guide.pdf
The Application is here: (depending on the type) http://www.sbr.gov.bc.ca/individuals/Property_Taxes/Property_Tax_Deferment/apply.htm
The applications was a one page form requiring only address and signatures that can be filled out online and dropped off at City Hall.

You need to do this well before you pay your taxes on the upcoming due date of July 1, 2015 to take advantage of this program for this year as they do not provide refunds once the deadline has passed.