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FAQ - Property Tax Deferment

What does “deferring my taxes” mean?
    • The property tax deferment program is a low interest loan agreement between the home owner and the Province of BC.
    • For qualifying applicants, the Province pays the property taxes each year on behalf of the home owner.  The home owner then owes those payments, along with interest, to the Province.
    • While there is an active deferment agreement in place, the Province registers a lien on the property, which restricts certain title changes.
I want to defer my property taxes this year, what should I do?
    • Step 1 – Review the deferment program guidelines to ensure you are eligible.
    • Step 2 – Wait until you receive your property tax notice, usually at the end of May.
    • Step 3 – Complete the Home Owner Grant application form, located at the bottom of your tax notice.
    • Step 4 – Complete the deferment application form.  You can download a copy, or pick-up a copy at the Finance Department in Town Hall.
    • Step 5 – Bring your completed Home Owner Grant and deferment application forms to the Finance Department in Town Hall. 
      • We will review your application to ensure all required information is completed. 
      • Then, we forward your deferment application to the Tax Deferment Office at the Province who determines whether you meet all eligibility requirements of the program.
      • To avoid a late penalty, you need to apply before the property tax due date.
    • Step 6 – Wait to hear from the Tax Deferment Office.  It can take several months to process a deferment application.
      • They will contact you directly to let you know whether your application is approved, or if additional information is required.
      • If your application is approved, the Tax Deferment Office will send funds to the Town for your property taxes.
      • If your application is not approved, the Tax Deferment office will notify you as well as the Town.  You will be responsible for paying the outstanding taxes, including any penalties, directly to the Town.
    • To avoid a late penalty in case your deferment application is not approved, first time applicants can provide us with a cheque for the amount of taxes they are deferring.  We will only deposit the cheque if we are notified by the Province that your application was not approved.  As long as this cheque was provided before the due date, late penalties will not apply.
When do I have to pay back the deferment loan?
    • There are no set terms or dates for repayment.  You can continue to defer your property taxes as long as you continue to meet eligibility requirements of the program.
    • However, the lien placed on your property by the Province can restrict certain title changes.  For example, you will have to repay the deferment before you can:
      • sell your property
      • add another name to title (other than your spouse)
      • refinance with certain financial institutions.
    • Please contact the Tax Deferment Office for more details.
How do I repay my deferment loan?
    • Repayments should be made directly to the Tax Deferment Office at the Province.
    • You can repay all or part of your property tax deferment loan at any time.
It’s already past the due date, is it too late to defer my taxes for the current year?
    • It is not too late.  You have until December 31st to defer current year’s taxes.
    • However, you must pay off all arrears taxes and penalties before you can apply for deferment.