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Property Tax Deferment - Families with Children Program


Blog by Matt Cavelti | November 16th, 2022


Families with Children Program

You may qualify for the Families with Children Program if you're a parent, stepparent or financially supporting a child.

You must also meet applicant, property and equity qualifications to be eligible for the Families with Children Program:


To qualify for this program you must:
 

  • Be a Canadian citizen or permanent resident of Canada
  • Be a registered owner of the property
  • Have lived in B.C. for at least one year prior to applying
  • Pay property taxes for the residence to a municipality or the province, and
  • Have paid all previous years' property taxes, utility user fees, penalties and interest

You must also be financially supporting either:
 

  • A child who is under the age of 18 and living with you full time or part time or who doesn't live with you but you pay support for the child
  • Your own child or stepchild of any age who is attending an educational institution (e.g. college or university)
  • Your own child or stepchild of any age who is designated as a person with disabilities under the Employment and Assistance for Persons with Disabilities Act
  • Your own child or stepchild of any age who, in the opinion of a physician, has a severe mental or physical impairment that:
    • Is likely to continue for at least two years 
    • Directly and significantly restricts their ability to perform daily living activities, either continuously or periodically for extended periods, and
    • As a result of those restrictions, they require an assistive device, the significant help or supervision of another person, or the services of an assistance animal to help perform those activities

You may need to show proof that you're financially supporting a child under the age of 18 who doesn’t live with you.

To qualify for this program, your eligible property must:

  • Be your principal residence (where you live and conduct your daily activities)
  • Be taxed as residential (class 1) or residential and farm (class 1 and 9)

Equity requirements

You must have and maintain a minimum equity of 15% of the property's assessed value. This means that all charges registered against your property plus the amount of taxes you want to defer can’t be more than 85% of the BC Assessment value of your property in the year you apply.

If you have a secured debt on your property, such as a mortgage or a line of credit, contact your lender before you apply to ensure your approval into the tax deferment program doesn't conflict with the terms of your loan.

If you meet all the above criteria, there are some instances where you may not be eligible for the program. See other eligible criteria below for more information.

Other eligibility criteria

    Contact your lender prior to applying to ensure approval into the program does not conflict with the terms of your loan.

    If there's an option to purchase on the property title, the property may not qualify for deferment. Contact us for more information before you apply.

    If you're thinking of selling your home or your home is listed for sale, contact us to find out if you're eligible to defer your property taxes.

    Link to Government Page: 
    https://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/defer-taxes


    Contact me with any questions on how to apply.