The Provincial Government has created a new tax deferral program which it says will help seniors. The Seniors Reduction Property Tax Deferral Program opened on April 10th. Seniors with household incomes under $70 thousand now have the option to defer the education portion of property axes through a repayable loan. Social Services Minister Paul Merriman says, “This program will provide low-to-moderate-income seniors with greater financial flexibility, and help them stay in their homes longer.”
Seniors are eligible if they are 65 or older, own and live in their home as their main residence, have a total household income below $70 thousand, and maintain a minimum of 25 per cent equity in their home. You enroll in the program for ten years with the option to opt out at any point.