Reminder re: Home Owner Grant and Pre-Authorized Payment for Utilities/Property Taxes

We know, tax time can be painful. We can't unsend the property tax notices, but we are here to provide some options for how to lessen the load at tax time. The first one is setting up pre-authorized payments for property tax and utility bills. Anyone (businesses and home owners) can sign up for monthly pre-authorized payment withdrawal (PAP) of their property taxes and/or utilities.

Here's why it's helpful 👉

👉 You can earn interest: for annual billings, your payments in advance earn interest when prime is above 3%, which helps offset the cost of services to you. With rising rates, in 2022, the rate paid was as high as 3.45%!

👉 Bite-size chunks: Budget your finances by paying a little each month instead of a lot twice per year

👉 You pay less: Take advantage of 10% early pay discount on utilities and avoiding the 10% penalty on taxes not paid by the due date

👉 Lower your admin costs: For commercial accounts, reduce the cost of preparing and mailing cheques, never miss a discount date, and eliminate misapplied payments

👉 Help lower City admin requirements: PAP is more automated than post dated cheques or even online banking payments, helping to keep demands on administrative capacity and costs lower.

👉 No commitment: PAP is voluntary and so can be cancelled or changed as your life changes

👉 You can also take advantage of your bank’s recurring payment options to match bi-weekly paydays if monthly payment calculations are too big of a chunk at once

For 2024 property taxes, pre-authorization can be set up by August 10th (it's an 11 month billing period). You can also set this up year round, but August 10th is the last date for set up if you want to have the full number of payments – making each of them smaller.

If you live in your home, please also be sure to apply for the Provincial Home Owner Grant. We’re here to remind folks about the process for applying for the Home Owner Grant - which MUST be applied for each year.

You can apply online - here's the link directly to the form: https://www.etax.gov.bc.ca/btp/HOG/_/
Or you can call: 1 888 355 2700 and either do it through the automated system or be helped by an agent.

Lastly, we know that this is a tough time for people. There is also a property tax deferral program offered through the Province. To learn more about qualifications and how to apply, check out their website, here: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/defer-taxes