Sometimes, "Life happens" and it becomes almost impossible to keep up with your bills. Good news, the Province of BC has a generous program that allows qualifying people 55 years of age and older, a surviving spouse, or a person with disabilities or to defer their property taxes.
This helps people to stay in their homes. As an experienced real estate agent I have seen many good people that were in need of financial assistance just like this.
You would still need to apply for the home owner's grant if that was applicable. An interest rate would apply to the unpaid tax amount remaining. This rate is set every 6 months, until March 31, 2016 under the regular program that rate is a pretty reasonable .85%.
You will owe the government and IOU of sorts and they expect to be reimbursed. A property lien is placed on the title and the full amount is repaid on the sale of the real estate.
Details of the full program can be found at this link, Defer Your Taxes.
There is also a Families With Children program please note that the interest charges are different from the regular program.
Imagine living here...
is an award winning full-time real estate specialist with 30 years of experience and hundreds of sales. Thinking of buying or selling real estate in the Fraser Cheam communities of Chilliwack, Agassiz or Harrison Hot Springs? Contact Steve (click here) of Royal LePage Wheeler Cheam Realty for experience, local knowledge and friendly service you’ll be happy you did.