Defer Your Property Taxes!

 

If you are like many people, you probably enjoy maximizing your disposable income. Property taxes can take a bite out of that income. Through a program unique to British Columbians, you may be able to defer payment of your property taxes until your death.

To qualify you must be

1. 60 years or older during that calendar year (only one spouse must be 60); or
2. a surviving spouse; or
3. a disabled person as defined by Regulation;

And you are:

1. a Canadian citizen or permanent resident who has lived in British Columbia for a least one year immediately prior to applying for tax deferment benefits.

As a result you have an opportunity to reallocate your yearly property tax dollars to an account that provides the potential for tax-sheltered growth and a death benefit to pay your accrued property taxes. If there is any surplus benefit, your heirs would receive it tax-free.