If it stands to reason that some may choose to unlock a portion of their equity in their homes to meet the demands of longevity it must also mean that a much larger portion should look to increase their cash flow by all means. One such opportunity to do so would be to participate in the BC Property Tax Deferment Program.
I suspect the thinking at the time was the inequity of forcing someone out of their home because they couldn't meet their tax bill because years of home ownership and inflationary pressures had combined to make the dirt they sat on something of considerable value.
The majority of participants in the program are those that qualify by having reached the age of 55 plus. Further options exist for participation includes those with disabilities, surviving spouses and those families with children or dependants under the age of 18.
You must be a Canadian citizen or permanent resident who has lived in British Columbia for at least one year immediately prior to application. Further, you need a minimum of 25% equity in the property as determined by the most recent BC Assessment. To qualify for the Families with Children program a minimum equity of 15% is required.
Applications are available (usually in May) at the BC Service Centre or the City of Campbell River. A one-time set-up fee of $60 is due with an additional $10 for subsequent years. After claiming the Home Owner Grant and age amounts the remaining tax deferred can be thought of as a future liability when the home is eventually sold. You are still on the hook for paying your portion of city services which include sewer, garbage, water etc.. In 2013 that amount was $719.
Those interested should discuss with the city's finance department in addition to contemplating the more recent news of an option for paying property taxes on a monthly basis. Those with mortgages further need to coordinate with their lenders.
One does not require a financial reason to participate in the program. Some, choose to explore life insurance and investment options with their advisors with a view to further increasing the value and efficiency of their estate.
The province of BC's website indicates that the current loan rate is 3%. If you are interested it would be best to start making your inquiries now.