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?
- Starting 2020, eligible property owners can apply for the Deferment Program online, quickly and easily. And for the first time, property owners can choose to auto-renew their application. Deferment application and renewal forms can no longer be submitted to the Town of Sidney. The online application portal is expected to launch in May 2020. More information will be available in the coming months.
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.