Many folks are not aware that the property tax deferral program has been extended to families with children. The Families with Children Property Tax Deferment Program is a new option available to assist families during those years when household costs can be the highest. It is a loan program that allows you to defer all, or part of, the annual property taxes on your home for the 2010 and following tax years. To qualify, you must meet certain criteria as outlined below.
Qualifications
You may defer taxes on your home where you live and conduct your daily activities.
Second residences, such as summer cottages or rental properties, do not qualify for the tax deferment program.
Taxes paid to a First Nation are not eligible for the deferment program. You can only defer property taxes paid to a municipality or the province.
To qualify for the program, you must meet the following criteria:
• you are a Canadian citizen or permanent resident who has lived in British Columbia for at least one year immediately prior to applying for tax deferment,
• you are financially supporting, at the time of application, a dependent child who is under the age of 18 at any time in the calendar year in which you apply, and who:
• lives with you full time in your home,
• lives with you at least part time under a shared custody arrangement, or:
• does not live with you, but you pay support for the child, or are responsible for fees and/or living costs if they are attending school,
• you must have, and maintain, a minimum equity of 15 per cent of the current BC Assessment value (other appraised values are not accepted), after deducting the upper limit of all outstanding mortgages, lines of credit and other charges on your home.
You may be required to provide proof that you are financially supporting, at the time of application, a dependent child who is under age 18 during the calendar year.
Please call or e-mail me if you have any questions.
Written by Stuart Kirk, CIM, a Retirement Planning Specialist with Precision Wealth Management Ltd. The opinions expressed are those of the author and may not necessarily reflect those of Precision Wealth Management Ltd. For comments or questions Stuart can be reached at stuart@precisionwealth.ca or 250-954-0247.
