Tax Treatment of Testamentary Trusts
Homeowners should now be receiving their annual property tax notice in the mail from their respective municipality. While the receipt of this notice is never a joyous occasion for a homeowner, this year may be an exception for those of us living outside the Lower Mainland areas.
In January, the provincial government approved a new measure to assist BC homeowners living outside the Capital, Greater Vancouver and Fraser Valley areas – the Northern and Rural Area Homeowner (NRAH) benefit. This new benefit means that homeowners in the Okanagan who qualify for the Home Owner Grant (HOG) will also automatically qualify for the additional $200 NRAH benefit. So, when you submit your property tax form, if you are eligible, you will receive a reduction in your property taxes of $770 instead of $570. The reduction is even higher, $945, for those that qualify for the additional grant (those 65+, war veterans and those with disabilities).
The NRAH benefit applies only to homes valued up to $1.15 million above which there is a sliding scale reducing the amount applicable. Homes with an assessed value over $1.359 million will not be eligible for the NRAH benefit.
Photo courtesy of keepitsurreal