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B.C Residents—take note!

B.C. Residents, do you have July 2nd marked on your calendar? If you don’t yet, you may want to consider circling it. Why? July 2nd is the day that property taxes are due here in B.C! But before you apply, a reminder to go online and take advantage of the Homeowners grants available to you.

 

Here’s a quick rundown of the two types of grants available:

 

  1. Basic Grant

The basic grant is available to all those who have a primary residence in B.C. This does not apply to rentals or investment properties. This basic grant allows you to claim up to $570.00 off the price of your property taxes. Do you qualify? Here are the nuts and bolts:

  • Are you a Canadian citizen or permanent resident?
  • Live in BC?
  • Registered owner of the property?
  • Occupy the property as your principal residence?
  • Value of the home is $1,525,000 or less?

 

  1. Additional Grant

The additional grant can be applied for those who are 65+. Again, this does not apply to rental or investment properties and the property must be your principle residence. The additional grant allows you to claim up to $845.00. Here are the qualification perimeters for this grant:

  • Are you 65 or older in the current year?
  • Live in BC?
  • Registered owner of the property?
  • Occupy the property as your principal residence?
  • Value of the home is $1,525,000 or less?

 

Remember, YOU MUST APPLY FOR THESE GRANTS EACH YEAR. Do not forget to apply for them before you file your property taxes. On the note of property taxes, here are a few key details for you to remember.

 

  • The Due Date is July 2nd 2020, however, it is best to pay a few weeks early, as there is a 5% penalty that will be added to current taxes unpaid after July 2, 2020, and penalty increases by another 5% if not paid by November 3, 2020.

 

  • You have three (potential) payment options available to you.
    • You can pay in one lump sum either online at the provided URL on your property tax notice or write a cheque and send to the described address on the property tax notice.
    • You may have the option of paying monthly by making a pre-payment installment plan with city hall. This way monthly payments come right out of your bank account. Contact your city hall for more information.
    • Bundle it with your mortgage. Your mortgage lender will be able to arrange for the city tax payments to be withdrawn from your bank account along with your mortgage payment. Contact your mortgage lender to see if this bundling option is available for you.

That’s everything you need to know about property taxes and the homeowner’s grants! Don’t forget to mark it on your calendar to pay them off before July 2nd, and don’t forget to apply for any of the above grants that are applicable to your property. If you have any questions, please let us know! We are here to help you.

 

2020-06-02T19:53:28+00:00