Once you receive your property tax notice, you may be able to apply to the Province of BC for a low interest loan to pay the current year property taxes on your principal residence. There are two programs you may qualify for:
- Regular Program - you may qualify for this program if you're:
- 55 or older during the current year or
- a surviving spouse of any age or
- a person with disabilities
- Families with Children Program - you may qualify for this program if you're a parent, stepparent or financially supporting a child.
You can apply to defer a portion or all of your residential (class 1) or residential and farm (class 1 and 9) property taxes after the home owner grant is deducted. If you qualify for the home owner grant, you must apply for it separately each year.
All penalties, interest, previous year property taxes, and local service taxes (or utility user fees) must be paid to the municipal tax collector as these are not eligible for deferment.
If your application is approved, the province pays the current year unpaid property taxes on your behalf.
You must apply to renew your agreement each year if you want the province to continue to pay your property taxes on your behalf. The renewal process is not automatic.
Visit the Province of British Columbia's Tax Deferment website to view the current Deferment Interest Rates.