Paying property taxes - options
Hello. I’m a first time home buyer. I bought a home in Halifax. The mortgage is with CIBC. I am paying 20% down.
The mortgage agent today ran through the details and he has offered that I pay my property taxes through CIBC too. He said an additional monthly payment would be taken from my CIBC account to do this. Something came up at work during this phone call so I had to cut the conversation short, but I told him ’ok’.
Are there any pros and cons with CIBC handling my tax payments? The convenience factor is minor.
After some reflection and research tonight, I’m thinking it could be financially beneficial for me to pay my property taxes directly to the city. It seems plastiq charges 2.85% to do this by credit card: is this a smart move? I could earn 2%-ish interest during the year, plus some credit card rewards. Is this the RFD way?
The mortgage agent today ran through the details and he has offered that I pay my property taxes through CIBC too. He said an additional monthly payment would be taken from my CIBC account to do this. Something came up at work during this phone call so I had to cut the conversation short, but I told him ’ok’.
Are there any pros and cons with CIBC handling my tax payments? The convenience factor is minor.
After some reflection and research tonight, I’m thinking it could be financially beneficial for me to pay my property taxes directly to the city. It seems plastiq charges 2.85% to do this by credit card: is this a smart move? I could earn 2%-ish interest during the year, plus some credit card rewards. Is this the RFD way?
Amex Platinum, Amex Cobalt, Amex Bonvoy and Amex Bonvoy Business card holder
British Airways American Express (UK)
British Airways American Express (UK)