Struggling Alberta seniors can defer property taxes
Alberta seniors can now defer paying property taxes on their homes.
"Alberta seniors are fiercely independent and being able to stay in their homes is an important part of that," said John MacDonald with Seniors United Now.
"But the fact that many seniors have limited income can make it very difficult for us to continue living in our homes."
Homeowners 65 and older can defer all or part of their property taxes through a low-interest home equity loan with the province under the Seniors Property Tax Deferral Program announced Monday,.
Seniors qualify if they have a minimum of 25 per cent equity in the home which must be their primary residence.
The loans are repaid when the home is sold or sooner if desired.