Families with Children Tax Deferment Program
The families with children tax deferment program is a low interest loan program that allows you to defer paying all or part of your property taxes on your principal residence if you are financially supporting a child under certain circumstances.
Find out what the program qualifications are for:
To qualify for this program you must:
- be a Canadian citizen or permanent resident of Canada,
- be a registered owner of the property ,
- have lived in B.C. for at least one year prior to applying,
- pay property taxes for the residence to a municipality or the province, and
- have paid all previous years' property taxes, utility user fees, penalties and interest
- any child who is under the age of 18 and living with you full time or part time or who doesn't live with you but you pay support for the child, or
- your own child or stepchild of any age that is attending an educational institution (e.g. college or university), or
- your own child or stepchild of any age who is designated as a person with disabilities under the Employment and Assistance for Persons with Disabilities Act, or
- your own child or stepchild of any age that, in the opinion of a physician, has a severe mental or physical impairment that:
- is likely to continue for at least two years,
- directly and significantly restricts their ability to perform daily living activities, either continuously or periodically for extended periods, and
- as a result of those restrictions, they require an assistive device, the significant help or supervision of another person, or the services of an assistance animal to help perform those activities
Note: You may need to show proof that you're financially supporting a child under the age of 18 who doesn’t live with you.
To qualify for this program, your eligible property must:
- Be your principal residence
- Be classified as residential (class 1) or residential and farm (class 1 and 9)
Your property doesn't qualify for tax deferment if:
- It's a second residence like a cottage, summer home or rental home
- You pay the property taxes for the residence to a First Nation
- The property title is entirely in the name of the executor/executrix, or the estate
- The property title is entirely in trust
- It's a float home that doesn't have a property title registered with the Land Title Office
- It has a Caveat other than Public Guardian and Trustee
- It has a Certificate of Pending Litigation or an Injunction
- It has a judgment registered on title (judgments expire two years after registration or renewal unless it’s non-expiring)
Note: If there's an option to purchase on the property title, the property may not qualify for deferment. Contact us for more information before you apply.
You must have and maintain a minimum equity of 15% of the property's assessed value. This means that all charges registered against your property plus the amount of taxes you want to defer can’t be more than 85% of the BC Assessment value of your property in the year you apply.
How to Apply
Before you apply for this program you need to find out if you’re eligible by completing the property tax deferment eligibility calculator for this program. The calculator will ask you a series of questions to ensure you meet all program requirements.
To help you answer the questions on the calculator, we recommend you have the following information available:
- Annual property tax notice
- Current assessment notice from BC Assessment Authority
- Current mortgage statement
- Current line of credit statement indicating the credit limit
- House insurance documents
You'll find out how to apply for this tax deferment program once you successfully complete the eligibility calculator.
Click on the link below to get started: