In BC, homeowners 55 years and older can qualify for property tax deferral. The Province of BC allows you to put off paying your property taxes through a loan program. This property tax deferral program provides financial tax relief each year, if you wish to participate and qualify for the program.
To qualify you must meet the following criteria:
Property Tax Deferral Criteria:
- 55 or older during the current year
- The property is your principal residence (where you live and conduct your daily activities)
- The property is taxed as residential (class 1) or residential and farm (class 1 and 9). Properties with classifications 2 to 8 are not deferrable.
- Be a Canadian citizen or permanent resident of Canada
- Be a registered owner of the property
- Have lived in BC for at least one year prior to applying
- Have paid property taxes for the residence to a municipality or the province
- Have paid all previous years’ property taxes, utility user fees, penalties and interest.
How it Works:
The deferral is considered a loan and is subject to low interest and minor administration fees. You must apply directly to the Province of BC. The time to apply is after you receive your annual Property Taxes at the beginning of June (the deferment only applies to the property tax portion of your bill).
You can defer your taxes as long as you own and live in the home and continue to qualify for deferral. You are able to repay your deferral loan in full or part whenever you like. If your home is sold, however, your account with the Province must be paid in full. Also, if you refinance your home, your mortgage holder may require the full repayment of deferred taxes upon refinance. If you are planning on selling or refinancing your home, you should contact the Provincial Property Tax Deferment Office. Learn more
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