B.C. increasing 2021 homeowner grant due to higher property values

VICTORIA – A grant that helps British Columbia homeowners offset a portion of their property tax is being raised to reflect an increase in the assessed value of their homes.

The Ministry of Finance says the threshold for the 2021 homeowner grant has been set at $1.625 million, a $100,000 increase over last year.

It says the increase means the same percentage of homeowners remain eligible for either the basic grant or an enhanced grant that's available to those over 65 or people with disabilities.

About 92 per cent of homeowners were eligible last year.

In Metro Vancouver, the Fraser Valley Regional District and Capital Regional District, the grants mean homeowners get a basic grant of up to $570 and $845 if they qualify for the enhanced payment.

In rural and northern areas outside those regions, homeowners claim up to $770 for a basic amount or as much as $1,045 under the enhanced grant program.

Homeowners may also be eligible for property tax deferment if they are at least 55 or are financially supporting a dependent child.

This report by The Canadian Press was first published Jan. 5, 2021.