Property Tax Deferment for Families with Children

In British Columbia the government has a program that will let you defer the property taxes if you are supporting at least 1 child under the age of 18.

It is a great tool if you need it, but you should also look at the implications in that you are charging up your property tax that will have to be paid eventually with interest.  The good part is they use the Bank Prime Rate , at the present that would be 3% per year.

Property Tax Deferment Program for Families with Children

The Families with Children Property Tax Deferment Program is a new option available to assist families during those years when household costs can be the highest. It is a loan program that allows you to defer all, or part of, the annual property taxes on your home for the 2010 and following tax years. To qualify, you must meet certain criteria as outlined below:

Qualifications

You may defer taxes on your home where you live and conduct your daily activities.
Second residences, such as summer cottages or rental properties, do not qualify for the tax deferment program.
Taxes paid to a First Nation are not eligible for the deferment program. You can only defer property taxes paid to a municipality or the province.
To qualify for the program, you must meet the following criteria:

• you are a Canadian citizen or permanent resident who has lived in British Columbia for at least one year immediately prior to applying for tax deferment,
• you are financially supporting, at the time of application, a dependent child who is under the age of 18 at any time in the calendar year in which you apply, and who
  • lives with you full time in your home,
  • lives with you at least part time under a shared custody arrangement, or
  • does not live with you, but you pay support for the child, or are responsible for fees and/or living costs if they are attending school,
• you must have, and maintain, a minimum equity of 15% of the current BC Assessment value (other appraised values are not accepted), after deducting the upper limit of all outstanding mortgages, lines of credit and other charges on your home, and

Please note: You may be required to provide proof that you are financially supporting, at the time of application, a dependent child who is under age 18 during the calendar year.

For a more detailed description:

http://www.rev.gov.bc.ca/documents_library/brochures/PTD_Families_with_Children.pdf


If I can help you with your mortgage needs, please contact me.

Thank you
Angela Kroemer, AMP
Mortgage Professional
1.888.679.0190
akroemer@mortgagegroup.com
www.ComoxValleyMortgagesToday.com
TMG The Mortgage Group Canada Inc.