Property tax deferral puts cash back in wallets: Seniors Advocate

By Abigail Popple, Local Journalism Initiative Reporter, RMG

The Office of the Seniors Advocate is reminding B.C. seniors that they can defer their property taxes to save money. The property tax deferral program allows homeowners older than 55 to defer their property taxes until they sell their property or pass away.

Seniors Advocate Dan Levitt told The Goat he commonly hears seniors express concerns about the cost of living, and the ability to age in place, which the program is meant to help address.

“In many communities – in rural B.C., for example – moving to a smaller home isn’t an option because there isn’t enough affordable housing or appropriate housing for seniors,” Levitt said. “The solution to this is that the [provincial] government has made available a property tax deferment program where seniors who own a home… can defer paying the property taxes.”

The program also covers seniors who are surviving spouses and people with disabilities, he added.

The program has a 3.5 per cent interest rate, which is non-compounding, Levitt said. Homeowners may never have to pay back their loan, since they can defer taxes until passing away – at which point the bill is settled in a homeowner’s estate – he added.

Levitt encourages interested seniors to contact the Office of the Seniors Advocate at 1-877-952-3181 or [email protected], where staff can assist people applying for the program. He also suggests getting assistance from a trusted friend or family member to help fill out application forms.

“It’s probably the best loaning program that exists, especially for people who are on a fixed income,” Levitt added. “It’s really a great way for seniors to put money into their wallet, especially people who are house-rich and cash-poor.”