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. (See Belcarra's Tax Prepayment Plan Bylaw No.408, 2008)

Why should I participate?

Convenient

It's convenient...
It will assist you in your budgeting, and will eliminate the impact of one large payment in July.

Wise

It's a good investment...
The plan will pay interest at a rate 3% below CIBC prime rate, and the interest is tax free!

Easy

It's easy to start...
All you have to do is complete the on-line application form (also available as a regular paper application form at the Village Office) and submit the signed application form to the Village Office along with one of your personal cheques marked "VOID", which will assist in checking the accuracy of the institution and branch transit numbers.

Safe

It's secure...
There are no cheques to get lost or stolen. Your authorization is required to participate in the plan, and you can withdraw from the plan at any time.

How does the plan work?

Ten (10) monthly payments will be collected on the 15^th day of each month, starting in August and ending in May of the year in which the taxes become due.

The amount of the monthly payment will be calculated by estimating next year's taxes (net of the Home Owner Grant if eligible) and dividing by ten or by 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.

How do I apply?

1. Complete the on-line application form (also available as a regular paper application form at the Village Office) to initiate preparation of the official Authorization Form, ensuring that you provide all required information, and submit the application form to the municipality.
   
   
2. The municipality will prepare the Authorization Form and arrange for the applicant(s) to sign the Authorization Form during regular office hours at the Village Office. If it is more convenient, the Authorization Form can be returned to the applicant(s) for signature via regular mail.
   
   
3. Sign the Authorization Form and return the signed document to the Village Office along with a personal cheque marked "VOID", which will assist in checking the accuracy of the institution and branch transit numbers.
   
   

Are there any conditions to applying?

• Your property taxes must be paid in full, and
  
• You must not be already paying your taxes via your mortgage (P.I.T.).
  

Additional things to know:

• Interest on your prepayments will be credited to your account each month.
• The agreement is valid until terminated by either party in writing.
• You can join or withdraw at any time, but all prepayments made stay on the property's tax account even if you withdraw from the plan.
• There will be no refund under this plan in the event of a property sale, as all tax prepayment funds stay on the property's tax account and will be credited to the owner/seller as part of the transaction settlement.
• If you change your bank account, please advise the Village Office and provide a new cheque marked "VOID" at least two weeks prior to the next payment date.
• If any payment is not honoured by your financial institution, a service charge will apply.

To initiate preparation of the Authorization Form, complete the on-line application form (also available as a regular paper application form at the Village Office), ensuring that you provide all required information, and submit the application form to the municipality. Please remember to submit a personal cheque marked "VOID" in addition to signing the Authorization Form prepared by the Village Office.

If you have any questions about the Tax Prepayment Plan or the application process, contact Lynda Floyd at 604-937-4100 or visit the Village Office at: