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What is Property Tax Deferment & Should You Defer? (Step-By-Step Guide)

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hey guys welcome back to the channel so right now if you're living inside BC and

you own your own property then keep watching this video I will be telling

you how you may be able to make use of the government's property tax deferment

program so what is property tax deferment program? it is a government

benefit that is only offered to British Columbia residents if you qualify you

can defer your property tax payment you do have to eventually paying back with

interest stack on top but the idea is to help family create extra budget so

they can spend elsewhere so who qualifies for this program well there

are basically two major groups the first group are for people who owns a property

and if they're taking care of a child that it's under 18 right now

now the second group that can qualify if one or more owner of the property or

over 55 or if your spouse has passed away in you're a surviving spouse in this

case no age limit and lastly if you're someone with disability you may also be

able to apply for this program now I'm gonna leave couple links below to guide

you to specific program and their requirements so in order to qualify you

have to be a citizen or PR status you have to be one of the registered owner

of the property lived in BC one year prior to application you do not owe any

property tax in the prior years so in addition your property also have to

qualify for the following one it has to be your principal residence to the

property on your property tax bill has to be classified as a residential

property or what we call a class one and three for family with kids under 18 you