Property tax deferment annual renewal and Statement of Account

Your tax deferment agreement must be renewed each year if you want the province to continue to pay your property taxes on your behalf. 

To renew your tax deferment agreement, you can either:

• Set up automatic renewal when you apply to defer your taxes online, or
• Apply to renew your tax deferment agreement after May 1 of each year

You can also find information on:

• Renewal fees
• Late payment penalties
• Statements of Accounts

Automatic renewal

Automatic renewal can be set up when you apply for property tax deferment or when you apply to renew. However, you must continue to meet the requirements for the tax deferment program you are renewing. 

I've already set up automatic renewal

If you’ve set up automatic renewal, you don't need to submit an application. We’ll determine if you meet the program requirements and may contact you by email or mail requesting additional information.  

Requested information is due 30 days from the date the email request was sent or when the letter was issued. If they're not received by the due date, your application will be cancelled and late penalties will apply if it's after your property tax due date.

If your property tax office indicates you have unpaid utilities from the previous year, an unclaimed Home Owner Grant or unpaid taxes, your automatic renewal will be denied and will not be processed. Our office will issue a cancellation letter with instructions on what action you must do. When that has been actioned and you wish to defer your current year taxes, you will need to apply online through our website on a new renewal application. Our office cannot reopen a cancelled renewal application. Renewal applications can be submitted online up to December 31 of the current tax year, however late penalties will apply if it’s after your property tax due date.

You can check the status of your renewal online.

I haven’t set up automatic renewal

If you haven't set up automatic renewal, you must apply to renew your tax deferment agreement after May 1 of each year or pay the next year's taxes to your property tax office.

If you don’t wish to renew, you can pay your taxes and applicable penalty directly to your municipal office.

Apply to Renew

You can apply to renew your agreement after May 1 once you’ve received your property tax notice. You have until December 31 of the current year to apply. However, we suggest you apply before the property tax due date to avoid late payment penalties.

If you have Power of Attorney and are renewing on behalf of a qualifying registered owner, you must certify the renewal with your name as it appears on the Power of Attorney document and upload a copy of this document when prompted in the application.

Additional information may be requested by email or mail to support your renewal application. 

Fees

If you’re renewing under the Regular Program, a $10 renewal fee will be added to your deferment account each year if your renewal agreement is approved. 

There are no fees for the Families with Children Program.

Late payment penalties

If you submit your renewal application after the tax due date or your renewal is rejected for any reason after the tax due date, your property tax office may charge you a late payment penalty. Late payment penalties are legislative and cannot be waived or removed.

Your renewal may be cancelled if:

• You no longer meet all qualifications for the tax deferment program
• You don’t provide us with requested information by the date indicated
• You pay your current year’s property taxes in full
• You have unpaid penalties, interest, taxes in arrears, utility user fees or unclaimed previous year Home Owner Grants (if  eligible). You can apply to renew once this has been paid
• You sell your home
• You refinance with your lender and your tax deferment loan is paid in full
• You refinance your mortgage for a higher amount and, as a result, you no longer have sufficient equity
• You change owner information on the property title
• The property is no longer your principal residence
• You subdivide the property
• Any legal action is taken against your property, such as a foreclosure
• You enter bankruptcy or consumer proposal proceedings

Statement of Account

We will issue an annual Statement of Account by early May each year. The statement is for your information only. It’s not an invoice for payment.

The Statement of Account includes the following account information:

• Your account balance
• Total amount deferred
• Total payments applied
• Total interest accrued
• Total fees accrued
• Interest rates applied
• If you have selected the automatic renewal option or not

Your Statement of Account doesn’t include current year property taxes or any payments you may have made after March 31.

If you need to know the current outstanding balance on your loan, log on to eTaxBC or contact us.