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Property tax notices recently went out and should have been received by homeowners by now. Taxes are due to be paid by the 2nd business day in July, which falls on July 5th this year.
Previously, home owners applied for the Home Owner Grant through their municipality. This year, homeowners will apply through the BC Government either by phone or online here. It is important to remember that even if your mortgage lender pays your property taxes on your behalf, they do not apply for the grant on your behalf, you must do that yourself each year.
Many homeowners opt to have their lender collect the funds for their property taxes in addition to their regular principal & interest payment. Those extra funds go into a tax account and the lender pays the property taxes when they are due. Every lender has a different process for calculating & collecting property tax payments, so its important to check in with your lender each year to ensure they are collecting the correct amount.
For example, TD Canada Trust asks that you bring a copy of your property tax bill in to your branch when you receive it, unless there is an indication that a copy has been sent to the bank. They also need customers to inform them if circumstances change and you no longer qualify for the basic home owner grant. The reason being that they pay your taxes based on the assumption that you qualify for the grant. If you’re no longer living at the property as your primary residence, for example, then you would no longer be eligible for the grant and would need to make sure that the bank has collected enough funds to cover the full amount of the tax bill.
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To learn more about your specific lender’s Property Tax process, see the links below:
TD Canada Trust Property Tax Fact Sheet
THINK Financial
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