As announced in the throne speech last month, homeowners with children under 18 will be allowed to defer their property taxes, an option that people over 55 or in financial hardship already have.
Under the program, a homeowner can postpone paying property tax if he or she financially supports at least one child under the age of 18 and there is at least 15 per cent equity in the home. The owner must have lived in the province for at least a year before applying and must have fire insurance on the home.
Simple interest at the prime bank rate is charged on the deferred taxes.
To ensure municipalities aren’t left short, the provincial government will pay the tax on
behalf of the homeowner.
