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.
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.