Applications open for provincial tax deferrals

May 20, 2022 | 10:50 AM

British Columbians who are unable to pay property taxes may be eligible to defer the payments.

The province has opened applications for both the regular and families with children property tax deferral programs.

The regular program is available for people age 55 and older, a surviving spouse of any age, and people with disabilities.

That program requires the applicant to meet personal and property qualifications, and must also meet equity requirements.

The families and children program is open to parents, step-parents or people financially supporting a child. The applicants must also meet person, property and equity qualifications to be eligible for the deferrals.

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The province notes that applicants should contact their lender prior to applying for a deferral to ensure the programs do not conflict with the terms of a loan.

Tax deferment is a low interest loan program that helps B.C. homeowners pay their annual property taxes for their main residence.

The opening of the regular program is being touted as being especially beneficial for seniors.

“The Provincial Property Tax Deferral Program can serve as a financial lifeline for lower income seniors, yet many are not aware of it,” said Isobel Mackenzie, BC Seniors Advocate.

“Through this program, the province will pay the property tax to local government on behalf of the homeowner and save some seniors thousands of dollars each year. Our office recently conducted a survey of low-income seniors and found that while almost half were homeowners, less than 15 per cent of those surveyed used the Property Tax Deferral Program despite struggling to pay other household expenses.”

Mackenzie added that a majority of B.C. seniors live on an income that is less than what a minimum wage job would pay, and the deferrals allow seniors to use their money to cover other necessities such as food, transportation and medical costs.

The Office of Seniors Advocate’s Monitoring Seniors Services 2021 report found that 65,505 B.C. seniors deferred their property taxes in 2020-21. The average homeowner deferred $4,297 in that year and only paid $51.56 in interest using the provincial program.

Applications for both the regular and the families with children programs can be made between May 1 and December 31, though it’s noted that applying early will help as there are payment penalties if property taxes aren’t paid by the July 4 deadline.

by Liam Verster

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