Deadline approaching fast to apply for the BC homeowner grant

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There’s a delicate dance underway for BC homeowners who might be able to get hundreds of dollars from the BC government through the homeowner grant. However, they will want to do it soon to avoid paying late fees.

Here are the basics about the BC homeowner grant

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Property owners in Metro Vancouver, the Fraser Valley, or the Capital Regional District who are eligible for the homeowner grant can get $570 to help cover property taxes on their principal residences. Those outside those areas or who are homeowners who are seniors, veterans, have disabilities, etc., will be eligible for a higher amount.

You can get the full grant if your home is valued at $2,150,000 or less. If your home is above that, you will see a reduction of $5 for each $1,000 of assessed value over $2,150,000. If your home is assessed above $2,264,000, you won’t qualify. However, you might be able to partition your home in that case; learn more here.

Homeowners should have already received their BC Assessment notice this year detailing what their home is valued at, and they were hopefully also given their property tax deadline date.

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If you apply for the grant and are successful, they won’t send you the cheque. Instead, it will apply towards your property tax payment, which is why the deadline is coming soon.

“If you apply for the grant after your property taxes are due, late payment penalties may apply to the unpaid portion of your property taxes. The home owner grant is a form of payment towards your property taxes and it’s considered a late payment if you apply after the property taxes due date,” the province says on its website.

Property tax deadlines are just two weeks away

For Vancouver, the last day to pay your 2024 main tax is fast approaching, July 3, and as a result, so is the deadline to claim the grant. July 3 is also the last day to complete a deferment application or renewal to avoid a 5% penalty on the unpaid balance.

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Maple Ridge, however, is a day earlier, July 2. The penalty for not paying by that day is also 5%, and it jumps to 10% in September.

Surrey’s website also cautions against another pitfall.

“Municipalities, including Surrey, no longer accept retroactive or current year Home Owner Grant applications,” it said, adding, “After you’ve claimed your home owner grant, pay your property tax online or pre-pay your property taxes for next year.” However, you can apply for the grant if you forgot last year, and it will be brought in retroactively.

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In Surrey, here’s how to see the amount.

The fine print: It’s important to note that the grant cannot fully cover your property taxes. As property taxes are to cover the costs of road repairs and police protection, the province says that property owners must pay at least $350 in property taxes before receiving the regular grant. Seniors, and others who qualify for additional amounts, must still pay a minimum $100 to their municipality.

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