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

The British Columbia Property Tax Deferment Program is a loan program that allows you to defer your annual property taxes on your home if you meet certain criteria.

To qualify, you must meet certain criteria as outlined below:

• 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 be:
  • 55 years or older during that calendar year (only one spouse must be 55 or older),
  • a surviving spouse, or
  • a person with a disability as defined by regulation:

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

• a copy of either a recent letter confirming your Persons with Disability designation or your Release of Information Form from the Ministry of Social Development confirming you have the designation

OR

• a Physician Certification Form, 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 has lived with the owner as common-law husband or wife, including same-sex partners, for a continuous period of not less than 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.

There is a one-time administration fee of $60 for a new approved agreement and a $10 annual renewal fee for approved renewals. You do not need to send payment with your application - these fees are added to the deferment account.