Property tax deferrals help elderly home owners reduce expenses

The BC Seniors Advocate recommends the Property Tax Deferment Program for homeowners 55 and older, allowing them to defer property taxes until selling or passing away. This helps seniors on fixed incomes reduce living costs, avoid cutting essentials, and maintain independence. With a 3.45% non-compounding interest rate, deferred taxes can save seniors over $500 monthly, aiding home maintenance or modifications.