Prepayment Programs

Take the stress out of paying your taxes and set up monthly prepayments. After you have paid your current property taxes, you can set up monthly prepayments for next year's tax bill.

Simple interest will be paid on your prepayments each month until May 31 at the Province of BC rate on overpayment of taxes and is credited to your property tax account. This interest is considered a tax discount by the Canada Revenue Agency and is tax free.

Set up recurring payments using your online banking

Monthly Pre-Authorized Withdrawal

Applying for Automatic Monthly Prepayment Plan

Changes to your Prepayment Plan

Set up recurring payments using your online banking

Follow your financial institution's instructions to set up recurring monthly payments.

  • You will earn monthly interest on your payments
  • Choose a payment date that works best for you
  • An annual property tax notice, mailed to you in mid-May each year, will show the amount due after prepayments and interest earned. Make your final payment and claim your Home Owner Grant (if eligible) by the property tax due date to avoid penalties
  • To estimate your monthly prepayment for next year's taxes:
  1. subtract the amount of your most current year's Home Owner Grant (if eligible) from your most current year's gross taxes to determine the net taxes
  2. divide the net taxes from step 1 by the number of months remaining until the final withdrawal date of May 15th of the following year

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Monthly Pre-Authorized Withdrawal

Prepay your property taxes in installments through an automatic monthly withdrawal on the 15th day of each month.

There are no fees and you will earn monthly interest on your payments

  • Monthly payments are withdrawn from your bank account on or after the 15th day of each month, starting in July and ending in May
  • The final June payment is NOT automatically withdrawn from your bank account. You are responsible to make the final payment and, if eligible, claim the Home Owner Grant by the property tax due date to avoid penalties
  • An annual property tax notice, mailed to you in mid-May each year, will show the amount due after prepayments and interest earned

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Applying for Automatic Monthly Prepayment Plan

To apply, please complete the Prepayment Plan Authorization Form and attach a VOID cheque.

Submit this form to the District via one of the following methods

If you are renewing your payment plan, a new VOID cheque is not required.  

Monthly payment amount

Your monthly payment amount is an estimate based on one-twelfth of your current year’s net tax payable. The amount of your regular monthly payment for the next year will be included on your annual property tax notice. 

If you are beginning the program mid-year, monthly payments can be set at the amount that suits your budget. This will lighten the amount owing at the due date.  
    
Each month, the District of Sicamous will notify your financial institution of the amount of the withdrawal. The District does not charge for this service; however, your financial institution may make a charge for your withdrawal, depending on the type of account you have. 

If a withdrawal is not honoured by your financial institution for any reason, your property tax account will be charged a returned item fee of $25.

Provincial legislation requires that any current property taxes that remain outstanding after the due date will be charged a penalty. To avoid this penalty, taxpayers must ensure that any balance remaining on their property tax account (after prepayment installments and home owner grant have been applied), is paid in full by the property tax due date.

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Changes to your Prepayment Plan

If you want to change or cancel your pre-authorized payment plan and/or if you sell your property, you can.

If you are cancelling your participation in the plan, please advise the District of Sicamous in writing by the first of the month in order to provide enough time for the regular withdrawal to be cancelled before the next payment date. 

Prepayments received up until the cancellation date will remain attached to the property tax account. 

When selling your property your notary must determine the amount of money prepaid to your property tax account and should credit you accordingly in the sales document (Statement of Adjustments).

If you have sold your property you MUST cancel your pre-authorized payment plan by notifying the District of Sicamous (either in writing or by emailing us at finance@sicamous.ca) before the first of the month to stop the withdrawal on the 15th. The sale of the property does not automatically stop the pre-authorized payment plan payment.

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