Payment options through the Tax Instalment Pre-payment Plan
TIPP offers two options on paying City of Vancouver property taxes for the upcoming tax year.
1. Pay using up to 10 automatically withdrawn monthly installments
Up to 10 equal monthly installments are withdrawn from your bank account on the first business day of each month, starting in August and ending in May.
Enrolment after August will require you to:
- Remit the missed payments (from August to the time of your application), or
- Increase the monthly installment amount, or
- Pay the balance due on your property tax due date.
The monthly installment amount is calculated based on your current year's tax levy, net of the home owner grant (as indicated by you on your application), divided by ten (if started in August).
Since the pre-payment amount is based on the prior year's property taxes, additional withdrawals on the due date may be necessary in February and/or July to cover any outstanding balances.
If you choose the monthly withdrawal plan, you’re entitled to receive interest on your monthly payments.
The interest is credited to your tax account on a monthly basis.
The interest rate will be either the current Bank of Canada prime business rate less 3% or 0.25% (whichever is higher). We set the interest rate twice a year – before 1 February and before 1 August.
For the current interest rate, you may contact us by email.
2. Pay using a pre-authorized withdrawal on each tax due date
Arrange to pay your property taxes on the due dates through an automatic withdrawal from your bank account.
The tax balance is withdrawn from your bank account on the due date (2nd business day of February and 2nd business day of July) each year.
The July withdrawal is calculated net of the Home Owner Grant (as indicated by you on your application).