The Property Tax Deferment program in BC allows eligible homeowners over 55 years of age and /or adults with a disability to defer payment of their property taxes until they sell their home, or it becomes part of their estate.
Tips & Links
In planning for your retirement, you may be encouraged to look for ways to save money. Property tax deferment allows homeowners eligible people to defer their taxes until the home they are living in is sold.
Learn More
- Learn how to defer your property taxes if you are over 55 years of age and/or a person with a disability living in your own home by visiting the Property Tax Deferment website or calling 1-888-355-2700.
- Learn about the option of deferring property taxes to reduce your annual expenses and allocate funds to activities or home modifications.
- Learn about eligibility for property tax deferment from the Government of BC. To be eligible, some of the requirements are that you are 55 years or older, a surviving spouse, living with a disability and/or are supporting a child under 18 years of age with a disability. It is only for your principal residence.
- Learn about some of the concerns of tax deferment including accumulating interest which must be paid at the time of sale, and if not repaid, the government can put a lien on your home until the debt is repaid. Learn more from the Government of BC.
Things You Can Do
- Discuss the option of property tax deferment and other financing alternatives with a qualified care partner, accountant, or financial planner.
- Record your insights and decisions in the financial planning worksheets found in Understanding My Financial Situation.
- Know it is important to include any debts or financial obligations, such as a reverse mortgage, in your will and communicate with your beneficiaries about how these may impact their inheritance.
- Explore the financial planning teaching pamphlets from the Government of BC offered in English and French on many aspects of financial planning for seniors and others.
Consider property tax deferment as part of your financial plan found in the Mywell Health activities under My Financial-Plan.
Tools & Videos
Categories: My Financial Plan, Senior
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