Payment Options

Many people find it difficult to make a single large tax payment that becomes due once a year. Monthly installments make it easier to budget for.

Prepayments authorized by the Municipality will receive interest at a rate of 2% below Scotiabank's quarterly prime rate -- a far better rate than most savings accounts!

There are no cheques to write. One authorization is all that is required for a series of payments to be made automatically. You may stop making payments at any time, by providing two weeks written notice.

Ten monthly payments will be processed on the 5th day of each month (or the following business day) starting in August and ending the following May. No payments will be processed in June and July.

The monthly payment will be calculated by dividing the most recent tax levy (net of the Home Owner Grant) by ten. You may choose to have a lesser monthly payment. If you need assistance in determining this amount, please contact the Tax Department.

The annual tax notices that are mailed each year towards the end of May will show that year's tax levies less the total prepayments that you have made and the interest that you have earned. You will then be responsible for the difference as well as for ensuring that the Home Owner Grant is claimed by the due date.

The following details must also be taken into account regarding this Plan:

• If you change your bank account, please advise the Tax Department or complete the Notice of Bank Account Change form and provide a new VOID cheque, at least two weeks before the next payment date (fax okay).
• If your property is sold, you must inform the Tax Department in writing at least two weeks in advance of the next payment. Pre-payments are non-refundable.
• If you sell your property, we will provide you with a Tax Certificate that will show the total of your Pre-payments. This information should be given to your solicitor who should take it into account when making the final adjustments to your sales transaction.
• Any changes to the plan including increasing or decreasing the pre-authorized payment amount, requires a signature and must be done by completing the Notice of Change Form or to cancel the pre-payment on your taxes complete Notice of Cancellation Form.

Each payment will be treated as if it had been paid by a cheque. If any payment is not honored by your financial institution, a $25 returned cheque charge will apply and the Municipality has the option to cancel your membership in the plan.