April 15, 2017- With Vancouver’s real estate prices having skyrocketed, so have property taxes. You may want to consider deferring paying the property taxes on your principal residence (until you sell your home, of course). If you are a homeowner 55+ , have and can maintain minimum equity of 25% of your home’s assessed value, and have paid all your past taxes, this may be a good option. However, if you have a mortgage, be sure to check with your mortgage provider first as they may have issues renewing your specific mortgage at renewal time. There will be a restrictive lien on your property. The current interest rate charged is 0.7% so using your property tax money may be better directed to paying off higher interest debts, RRSP/TFSA investments, children’s education, generating tax efficient income, etc. Always get professional advice to be sure this makes sense for your personal situation.
by Heidi Pullem | May 19, 2017 | Tips