Property Tax Deferment – 55 & older, surviving spouse, Person with a Disability

The British Columbia Property Tax Deferment Program is a low interest loan program that allows you to defer all, or part of, your current annual property taxes on your principal residence. Principal residence is your home where you live and conduct your daily activities.

Registered owners in Fee Simple, holders of a Life Estates Interest or Right to Purchase registered in the Land Titles or Personal Property Registries can apply to defer their property taxes.

You may defer all or a portion of the unpaid current year residential (class 01) or residential & farm (class 01 & 09) taxes after deduction of the Home Owner Grant.

Qualifications

• 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 benefits and are:
  • 55 years or older anytime during the current taxation year (only one spouse must be 55 or older),
  • a surviving spouse of any age and a registered owner, or
  • a person with disabilities as defined by regulation

To be considered for eligibility as a person with disabilities you are required to provide either:

• a copy of a recent letter confirming your Persons with Disabilities designation
• your Release of Information Form from the Ministry of Social Development confirming you have the designation, or
• a Physician Certification Form (FIN 58 – see Forms page), completed and signed by your physician. The form explains the disability eligibility criteria for the Property Tax Deferment Program.

The definition of "spouse" includes:

• a marriage partner
• a person who is married to another person, or who has been living with another person in a marriage-like relationship for a continous period of at least two years
• You must have, and maintain, a minimum equity of 25% 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.  Your assessed property value for this calculation must exclude any improvements that are not covered by a current fire insurance policy. (see Equity page for more details on how this is calculated.