Property Tax Deferment Program for Families with Children

The Families with Children Property Tax Deferment Program is an 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, 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,
• You are financially supporting, at the time of application, a dependent child who is under the age of 18 at any time in the current taxation 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.  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),

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 current taxation year.