Seniors’ Column

This week's column focuses on budgeting and how to use tax deferment programs to your advantage.

If your budget is currently stretched tightly, as it is for many of us from time to time, it may be a good idea to take the time to look at options which exist to serve residents of the Nakusp region as well as all other qualified applicants located throughout the province.

To begin with, once you are in receipt of your property tax notice, you may wish to join the ranks of those wishing to defer payment of your annual taxes levied on your principal residence. You may qualify for this program if you have reached the age of 55 years or older, are a person with disabilities or are a surviving spouse of any age. Since more and more children are now living with or are being supported by grandparents, it is useful to know that if one falls into this category, you may also qualify for this program

It is important to note you may be able to apply for a low interest loan in order to pay your current year property taxes, upon approval. If your application is approved, the Province of BC pays your current year of unpaid property taxes on your behalf.

According to the BC Ministry of Provincial Revenue, it may take up to several months to process tax deferment applications due to the need to gather necessary information, so you my not receive a response until after the property tax due date. If your applications is received before the property tax due date (but is approved after the due date), you won’t be charged a late payment penalty. Under these circumstances, you can make a payment or repay the loan at any time without being penalized.

Interest is calculated each month beginning from the date in which your property taxes are due, or on the date you applied to defer, whichever date falls later. You’ll be charged simple interest on the taxes which you have successfully deferred, and won’t be charged interest on the application amount or renewal fees.

For more information on the BC Property Tax deferment progam, call toll-free 1-888-355-2700.

 

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