It’s that time of year again when property tax assessment notices are arriving in our mailboxes. For several years, British Columbia’s Land Tax Deferment Act and its associated Regulations have allowed those over the age of 55 and persons with a disability to defer payment of property taxes. The Ministry of Small Business and Revenue has now extended this deferment option to families with children under the age of 18.
A homeowner will now be eligible for property tax deferment in respect of his or her principal residence provided that the homeowner is a Canadian citizen or permanent resident of Canada, has been a resident of British Columbia for at least a year, has at least 15% equity in his or her home and is financially supporting a child under the age of 18.
Under this program, property tax can be deferred until the earlier of the death of the homeowner and the date the property is transferred. Simple interest is charged at the prescribed rate (currently 2.25%) on the deferred property tax.
More details on this topic and information on how to apply for the property tax deferment program are available at the Ministry of Small Business and Revenue’s website at: http://www.sbr.gov.bc.ca/individuals/Property_Taxes/Property_Tax_Deferment/families_children.htm.