Tax Instalment Pre-Payment Plan (TIPP)
Frequently Asked Questions
Do I need to re-apply for TIPP each year?
Do I still need to sign the Home Owner Grant application every year?
Can you withdraw the Tipp amount on the15th of the month instead of the 1st?
What happens if a balance is owing in July?
My July tax bill says that I have a credit on my account. What do I do?
I am no longer eligible for the Home Owner Grant. What should I do?
I turn 65 next year and will be eligible for the Additional Grant. What should I do?
I am changing banks (or bank accounts). Do I need to let you know?
What do I do if I sell my property? Will my lawyer cancel TIPP for me?
I'm selling my home and buying a new one. What should I do?
I've sold my home. Can I transfer the credit on my account to the new property or request a refund?
Do I need to re-apply for TIPP each year?
No, the TIPP program continues automatically unless a written request to cancel (30 days notice required) is received.
Do I still need to sign the Home Owner Grant application every year?
Yes. If eligible, a grant must be completed every year. Grant applications that are incomplete, unclaimed or late will result in penalty charges. Grants not claimed are considered equivalent to unpaid taxes.
Can you withdraw the Tipp amount on the15th of the month instead of the 1st?
No. Withdrawals are made on the first business day of the month only.
What happens if a balance is owing in July?
Outstanding balances will be automatically deducted from your bank account on the due date.
My July tax bill says that I have a credit on my account. What do I do?
No action is required . All credits are automatically included in the calculation of your monthly prepayment amount for the following tax year.
I am no longer eligible for the Home Owner Grant. What should I do?
The loss of the grant will change (increase) your calculated monthly pre-payment amount. Please contact the Property Tax Office.
I turn 65 next year and will be eligible for the Additional Grant. What should I do?
The Additional Grant will change (reduce) your calculated monthly pre-payments. Please contact the Property Tax Office.
I am changing banks (or bank accounts). Do I need to let you know?
Yes. Please send a VOID cheque from your new account (30 days advance notice required), so the next payment can be withdrawn from the correct bank account. If the new information is not received, your pre-payment will be rejected by your bank, and an administration fee will be charged.
What do I do if I sell my property? Will my lawyer cancel TIPP for me?
No, your lawyer can not cancel TIPP on your behalf. Please send a
written request (30 days advance notice) to cancel your TIPP plan. Your lawyer should be informed that you have a TIPP account, as they will include any credit balance in the statement of adjustments.
E-mail your cancellation request to: tipp@vancouver.ca, or fax it to 604.873.7051.
I'm selling my home and buying a new one. What should I do?
Please cancel TIPP (as indicated above) for the property being sold. Credit balances are non-refundable.
To apply for TIPP on the new property, please send a completed TIPP application
with a VOID cheque at least 30 days before the start of a payment date.
I've sold my home. Can I transfer the credit on my account to the new property or request a refund?
Credits are not transferable and are non-refundable. It is important that credits are accounted for in the Statement of Adjustments prepared by your lawyer or notary.
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