Repaying your property tax deferment loan

The property tax deferment loan program allows BC residents to defer their current year property taxes. 

Learn how to apply.

You can repay all or part of your tax deferment loan any time during the year. Monthly interest will be added to your account balance on the 23rd of each month until it’s paid in full.

If you would like to pay your loan and keep your account open, leave a minimum balance of $25.00.

Before you make a payment to your tax deferment account, confirm your balance:

• Online through your eTaxBC login, or
• Call us to receive a payout letter

Learn how to pay your deferred property taxes.

Payout letters

Your payout letter will include:

• Your PTD account number
• The current amount outstanding, plus the next three months with interest calculated
• Payment instructions

The letter will also indicate whether the balance due includes the current year taxes or not.

Payout letters are calculated on the date they are created.  We cannot backdate the payout letter for a date of death of an agreement holder or provide the per diem. 

Interest amounts

Your payout letter will include the current balance of the date the letter is issued plus interest calculated for the following three months.

Interest rates may change on April 1st and October 1st each year and depending on when the payout letter is created, the balance owing may differ.

Payout letters indicate the current balance as of the date the letter is issued plus interest calculated for the following 3 months. The interest is calculated until the 22 of each month. If you made a payment amount for the balance calculated up to the 22, but your payment was received by our office after the 22 of the month, the next month’s interest will be added to your balance and remains outstanding until paid. Our office will issue a partial payment letter including the outstanding amount still owing.

Please note that it may take several days for payments to be processed onto the account.

Payout letters and renewals

If you request a payout letter, your account will freeze. This means if you submit a renewal or have signed up for automatic renewal, and our office has not approved and paid your property tax office, the current year taxes may not be applied to your account balance. This information will be reflected in the letter. Your renewal will be cancelled. If you want to defer the current year taxes and have it reflected in your payout letter, contact us.

Changes to your property

While you can repay your tax deferment loan at any time, the lien is restrictive. You’ll need to repay your tax deferment loan in full for the following:

• Selling your property
• Adding another person on title (other than a spouse)
• Removing a registered owner on title (other than a deceased owner)
• Refinancing your property
• Subdividing your property

Learn more about changing your property title while in tax deferment.

When you've paid your loan in full

If you pay your account in full, your agreement will close. The Land Title Office or Personal Property Registry (for manufactured homes) will release the tax deferment lien when they receive a Notice of Satisfaction from our office.

We'll send the Notice of Satisfaction once your payment has been processed or cleared.

If you repay your loan in full using non-guaranteed funds, such as a personal cheque, it will take at least 30 days to clear your payment. We cannot change this clearing time. We'll mail your confirmation when your payment has been processed.

Payment processing time

It may take several weeks for the lien to be removed after your tax deferment account is paid in full. 

Depending on your method of payment, this can take an additional 30 days. We suggest that you pay using guaranteed funds, such as an online transfer, money order, bank draft, or a trust cheque. These methods will avoid the additional delay for your funds to be cleared. 

Contact the Land Title Office to follow up on the status of your lien.