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If you can't pay! Defer your taxes at age 55!

Property owner who turn 55 years old anytime in 2007 or are older, may be eligible to defer all or part of their property taxes thanks to the BC Property Tax Deferment program. Until this year the age for deferral was 60 years. Currently more than 11,000 British Columbians defer their property taxes.

The BC Government pays all property taxes including municipal and taxes collected by the municipality for the GVRD and the school district. Deferred taxes are eventually deducted from the home's value when it is sold.

Interest on deferment accounts is not compounded and is charged at a rate not greater than two per cent below the bank prime rate. Based on current rates, this means that a tax bill of $1,500 will cost the homeowner $60 a year in interest.

To qualify, a home owner must be:

• 55 years of age or older, or
• a surviving spouse of an eligible owner; and/or
• a person with a disability; and
• a Canadian citizen or permanent resident under the Immigration Act ( Canada) who has lived in BC for at least one year before applying.

Home owners must maintain:

• a minimum equity of 25 per cent of the assessed value; and
• a fire insurane policy

Home owners can't defer utility charges ( sewer, water, recycling, garbage), penalites, interest or user fees.

Source GVREB ( Greater Vancouver Real Estate Board)