If you, or your family members, are deferring property taxes, interest rates and fees will increase the amount you owe. 

Regular program

• Seniors age 55+.
• A surviving spouse of any age.
• Persons with disabilities.

Families with Children program

• Parents, step-parents or anyone financially supporting a child.

Financial Hardship program

• This program was only available in 2009 and 2010.

Interest is charged on the tax deferment loan from the date the property tax is due or the date you apply to defer taxes, whichever is later.

The interest rate charged depends on the tax deferment program. The interest rates are:

• set every April 1 and October 1 and aren't changed outside of these dates;
• calculated on the 23rd of each month; and
• not compounded.

Under the Regular Program, you're charged simple interest at a rate not greater than two per cent below the Bank of Canada prime rate.

Under the Families with Children Program, you're charged simple interest at a rate not greater than the prime rate of our principal banker.

The property tax deferment program uses simple interest, which means you:

• are charged interest on the principal deferred amount that has been borrowed;
• aren't charged interest on top of interest; and
• aren't charged interest on application or renewal fees.

Program participants who make a payment on their property tax deferment account have it applied in this order: 

1. Fees (if applicable).
2. Interest.
3. Principal.

Regular Program

• $60 administrative fee when the application is approved.
• $10 renewal fee for each year the participant renews.

These fees are added to the loan balance.

Family and Children Program

Anyone applying for the Families with Children Program, isn't charged any fees.

Regular program

Families with Children program

Apply for or renew the Property Tax Deferment program.

Learn about:

• Interest
• Fees