What is it?
It is a plan that will allow you to pay next year's taxes by automatic monthly deduction from your bank account.
Why Should I Participate?
It's convenient - It will assist you in your budgeting. It will eliminate the impact of one large payment in July.
It is a good investment - The plan will pay interest at a rate higher than you can earn on a typical savings account.
It's safe and secure - There are no cheques to get lost or stolen. Your authorization is required to participate in the plan. You can withdraw from the plan at any time.
How Do I Apply?
It's easy to start - All you have to do is complete the authorization form (PDF format)
and enclose one of your personal cheques marked "VOID".
How Does the Plan Work?
The monthly payments will be collected on the first day of each month, starting in August and ending in May.
The amount of monthly payment will be calculated by estimating next year's taxes (net of the Home Owner Grant if eligible) and dividing by ten or using an amount mutually agreed upon. However, the total payment will not exceed the most recent taxes paid.
The annual tax notices, mailed to you at the end of May each year, will show your current year's taxes less the total prepayments and less the interest that you earned. You are responsible for paying any difference, as well as applying for the Home Owner Grant, by the due date to avoid any penalties.
You Can Join the Plan If:
- Your property taxes are paid in full
- You are not paying your taxes through your mortgage
Things to Know
- Interest on your prepayment will be credited to your account bi-annually
- The agreement is valid until terminated in writing by either party
- You can join and withdraw at any time
- If you change your bank account, please advise us and provide us with a new cheque marked "VOID" at least two weeks prior to the next payment date
- There will be no refund under this plan except for payments made after a sale. If a payment is inadvertently made, a refund will only be given on prepayments made after the sale and only after providing the District of Sechelt with documentary proof.
- If any payment is not honoured by your financial institution, a service charge will apply.
Preauthorized Payment Plan Authorization Form