Account Repayment

You may repay all or part of your account at any time without penalty. Payments on deferment accounts are first applied to fees (if applicable), then interest and then to the principal.

Payments can be made directly to the Tax Deferment Office or can be paid at a Service BC Centre. Credit cards are not accepted; however debit payments are accepted by Service BC Centres.

There are various methods to repay a deferment account, depending on who is paying.

If you are an agreement holder who wishes to repay your account, please contact us directly to request a payout.  A letter will be sent to you confirming the current balance which will include accumulated interest.

Partial payments on your account may be made by personal cheque. The final payment must be certified funds (i.e. bank draft, money order or certified cheque) Once the cheque is processed a Notice of Satisfaction will be sent to the Land Titles or Personal Property Registry to release the lien.

All payments must be made payable to the Minister of Finance.  Please include your agreement number on your cheque.

If you wish to pay the majority of your deferment balance but think you may renew in the future under the Tax Deferment Program for age 55+, surviving spouse, or persons with a disability , leave a minimum balance of $21 owing to keep your account open. Payment in full will close your tax deferment account. If you close your account and want to defer your taxes in the future you will need to apply on a new application form and the administration fee of $60.00 will be added to your account if your application is approved.

You can defer your taxes as long as you own and live in your home and continue to qualify for the program. If your home is to be sold, the property tax deferment account must be paid in full by certified funds.  Please have the lawyer or notary handling the sale contact our office.

If you want to refinance your home, your mortgage holder may require the full repayment of the deferred taxes before approving the refinancing. The Tax Deferment Office will not grant priorities to financial institutions to place their charge ahead of the tax deferment lien.

Lawyers, notaries and financial institutions wishing to pay an agreement holder's account must fax a payout request to 250-356-5347 with the agreement holder's full name, civic address, and parcel identifier stating clearly they are acting on behalf of the agreement holder. A payout statement will be faxed within two business days.

All payments must be certified funds (i.e. bank draft, money order or certified cheque) and be made payable to the Minister of Finance. Please include your client's agreement number on the cheque.

Note:

The tax deferment program does not accept undertakings from lawyers at time of sale to release our lien before payment is received.

The tax deferment program will not grant priorities to financial institutions to place their charge ahead of the tax deferment lien.