Tax deferral: B.C. is also extending the option to defer residential property taxes to those under age 55. The program will allow people with at least 15% equity in their home, who can prove they have serious financial difficulties, to defer their property tax payment for each of the next two years. Homeowners will not have to pay the deferred taxes until they sell their home, but can pay the taxes earlier if they choose.
The Province will charge interest at the prime rate on the balance outstanding on the tax deferment loan, while ensuring local governments receive property tax revenues. For information on the BC property tax deferment program, visit http://www.sbr.gov.bc.ca/documents for the PropertyTaxDeferment.pdf.