B.C. seniors’ advocates push back on overhaul of property tax deferment program
B.C. seniors' advocates are opposing changes to a property tax deferment program that they believe have made it more costly for low-income seniors. The province has increased interest rates on the program to discourage its use as an investment tool, which advocates argue undermines its original purpose. Critics, including the Council of Senior Citizens’ Organizations of BC, are calling for the government to reverse these changes, citing potential financial harm to vulnerable seniors.
- ▪The property tax deferment program was introduced in 1974 to help low-income seniors manage their property taxes.
- ▪Recent changes have raised interest rates from a low rate to commercial market levels, which advocates argue is unfair.
- ▪The Council of Senior Citizens’ Organizations of BC represents around 80,000 seniors and is urging the government to reconsider the changes.
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Open this photo in gallery:B.C. Finance Minister Brenda Bailey said in February that the program was being used by ‘people who didn’t need it’ due to the low interest rates.CHAD HIPOLITO/The Canadian PressShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountAdvocates for B.C. seniors are pushing back against changes to a property tax deferment program that they say has turned a safety net for lower-income seniors into a high-cost loan.But the province says its overhaul of the low-interest loan program, which hikes interest rates to commercial market levels, was necessary to discourage people from using the program as an investment vehicle.
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