Property Tax Deferment Program
You may be eligible to defer payment of property taxes under one of the British Columbia Property Tax Deferment Programs. For full details and to ensure you qualify, please refer to the Province's website at https://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/defer-taxes
You may qualify for this program if you’re:
- Age 55 or over, or
- A surviving spouse, or
- A disabled person as defined by regulation.
There is an initial fee of $60 and an annual renewal fee of $10 charged by the Provincial Tax Deferment Branch. You must have a minimum 25% equity in the property. Interest is charged at 2% below the bank prime rate.
Family with Children Program
You may qualify if you are providing financial support for a dependent child who was under 18 years of age at any time during the year.
There is no initial fee or annual renewal fee for the Families with Children Deferment Program. You must have a minimum 15% equity in the property. Interest is charged at the bank prime rate.
In either of these programs, the Province pays your current year property taxes on your behalf, and the amount is a loan from the Province. Interest will be charged on the loan and a lien will be registered at the Land Titles Office to record the Province's loan interest. The loan may be repaid in full or in part at any time. To qualify, all arrears taxes must first be paid in full.
If you currently have an existing agreement to defer your property taxes, you will receive a Renewal Application in the mail from the Provincial Tax Deferment Branch. If you have not received the renewal form, you may click here for a Renewal Application.For more information, please call the City's Tax Department, 604-527-4550 or the BC Tax Deferment Branch, 1-888-355-2700, email .
While you carry a Property tax deferment balance, you will have a restrictive lien registered against your property. It is recommended that you contact your lender prior to applying to ensure approval into the program does not conflict with the terms of your loan. Please note that if the application is denied, late payment penalties will apply. Once the lien is registered, you can only change your property title to add your spouse. You must repay the outstanding balance of your agreement before you:
- Sell your property
- Change property owners other than adding your spouse
- Refinance with some financial institutions (Please check with your financial institution)
Other title changes may require repayment, please contact the Province for further information.
Toll Free 1-888-355-2700
Interest is calculated every month starting from the date your property taxes are due or the date you applied to defer, whichever is later. You will be charged simple interest on the taxes you have deferred. You will not be charged interest on interest or application or renewal fees.
Interest rates are set quarterly effective January 1st, April 1st, July 1st and October 1st.
Regular Program 1.9%
Families with Children Program 3.95%
Renew your loan agreement each year.
Please note that the renewal process is not automatic. If you want to continue to defer your annual property taxes, you will need to complete a renewal application each year.