For Those Not Aware - There is a BC Property Tax Deferment Program
I recently received an email from a client who will soon take possession of his new Burnaby home.
Would you happen to know whether, or know how I can find out whether I will fall into one of the following categories? I need to be one of the following if I am to qualify as a “registered owner” under BC’s Property Tax Deferment program.
(a) a person recorded in Land Title Office records as(a1) a registered owner in fee simple(a2) a tenant for life under a Registered Life Estate, or(a3) a registered holder of the last registered Agreement for Sale or Right to Purchaseor(b) a person recorded in the Manufactured Home Registry as the owner of a manufactured home.
The answer in his case is (a1) but this was a good time for me to remind others that they may want to defer paying their property taxes and use the same money to pay down their remaining mortgage faster or place the savings into a TFSA (tax free savings account) and invest the monies or go on a dream vacation or buy a dream car or... You get the point.
Check it out. Like others I know who are doing it, you may find better ways to spend this tax money than how the local government does. Mind you, it is a deferment. It is payable upon the selling of your property or upon you become deceased.
Think about it. Whether you live in Steveston, Richmond, Surrey, or anywhere in British Columbia. Click on the link Note that to qualify you must be 55 years and older, however, if you are a "surviving spouse" or a "spouse" and living separately, you both may be entitled to claim this deferment. Call them up.
What ideas do you have with using the deferred tax money? Care to share?
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