Property Tax Deferment

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 meet certain criteria as outlined below:

You are a Canadian citizen or permanent resident who has lived in British Columbia for at least one year immediately prior to applying for tax deferment benefits and be:

• 55 years or older during that calendar year (only one spouse must be 55 or older),
• a surviving spouse, or
• a person with a disability as defined by regulation:

To be considered for eligibility as a person with disabilities you are required to provide either:

• a copy of either a recent letter confirming your Persons with Disability designation or your Release of Information Form from the Ministry of Social Development confirming you have the designation

OR

• a Physician Certification Form, completed and signed by your physician. The form explains the disability eligibility criteria for the Property Tax Deferment Program.

The definition of “spouse” includes:

• a marriage partner
• a person who has lived with the owner as common-law husband or wife, including same-sex partners, for a continuous period of not less than two years

You must have, and maintain, a minimum equity of 25% of the current BC Assessment value (other appraised values are NOT accepted), after deducting the upper limit of all outstanding mortgages, lines of credit and other charges on your home.

There is a one-time administration fee of $60 for a new approved agreement and a $10 annual renewal fee for approved renewals. You do not need to send payment with your application – these fees are added to the deferment account.

The Families with Children Property Tax Deferment Program is a new option available to assist families during those years when household costs can be the highest. It is a loan program that allows you to defer all, or part of, the annual property taxes on your home for the 2010 and following tax years. To qualify, you must meet certain criteria as outlined below:

You may defer taxes on your home where you live and conduct your daily activities.

Second residences, such as summer cottages or rental properties, do not qualify for the tax deferment program.

Taxes paid to a First Nation are not eligible for the deferment program. You can only defer property taxes paid to a municipality or the province.

To qualify for the program, you must meet the following criteria:

• you are a Canadian citizen or permanent resident who has lived in British Columbia for at least one year immediately prior to applying for tax deferment,
• you are financially supporting, at the time of application, a dependent child who is under the age of 18 at any time in the calendar year in which you apply, and who:

1. lives with you full time in your home,
2. lives with you at least part time under a shared custody arrangement, or
3. does not live with you, but you pay support for the child, or are responsible for fees and/or living costs if they are attending school,

• you must have, and maintain, a minimum equity of 15% of the current BC Assessment value (other appraised values are not accepted), after deducting the upper limit of all outstanding mortgages, lines of credit and other charges on your home, and

Please note: You may be required to provide proof that you are financially supporting, at the time of application, a dependent child who is under age 18 during the calendar year.

You may defer taxes on your 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 must have a current fire insurance policy on your home.

Taxes paid to a First Nation are not eligible for the deferment program. You can only defer property taxes paid to a municipality or the province.

Properties registered in the name of the “executor/executrix“, “In Trust” or “in the Estate of” are not eligible for deferment

Properties registered solely in the name of a business are not eligible for deferment.