By Don Urquhart, Times Chronicle

The BC Seniors Advocate is reminding seniors of the provincial program that enables those age 55 and older to defer their property taxes which are due July 2, 2025.

The program allows eligible homeowners 55+, surviving spouses and persons with disabilities to defer paying some or all of their property taxes until the homeowner passes away or sells the property.

The program is aimed at helping seniors continue to live independently which improves their health.

“Many seniors aren’t comfortable deferring payments, however, I strongly encourage older homeowners struggling to make ends meet to seriously consider this valuable program,” said Dan Levitt, BC Seniors Advocate.

“As BC Seniors Advocate, I meet with thousands of seniors throughout the province and I continually hear two important themes: older people want to age in place and remain in their homes as long as possible, and they are struggling with the rising cost of living.

“Most seniors live on fixed incomes and have limited ability to cut costs or earn more money.”

He noted that older people often save money by reducing medication, forgoing nutritious food, or avoiding going out due to the costs involved, leaving them at risk of social isolation and loneliness. “In many communities, moving to a smaller home isn’t an option because there is a lack of affordable, appropriate housing for seniors.”

Levitt also highlighted that the current interest rate for seniors who defer their property tax is 3.45 per cent which is simple, non-compounding, and below the prime rate.

“In many cases, the rising equity in the home covers the cost of the property taxes and interest owing when the home is sold or transferred.”

He said deferring property taxes could save older homeowners up to $500 or more each month which could be spent on maintenance or modifying a residence to help a senior remain in their home.

Property taxes can be deferred as long as you own and live in your home and continue to qualify for the program. Deferred taxes can  If your home is sold the total deferred amount plus interest must be paid in full. If you refinance your home, your mortgage holder may require full repayment of deferred taxes upon refinancing, but check with your mortgage holder to be sure.

The best time to apply is after receiving your property tax bill and before the taxes are due.

For more information call 1-888-355-2700 or visit the Province of BC’s property tax deferment program website.