Property tax deferral
BC has a programme where seniors (anyone 55 or older) can defer property taxes on primary residences. Interest charged no more than Prime - 2%.
Is there any reason not to take this up (other than restrictions)? I can see a tax advantage if one has absolutely no income other than from investments (e.g., no pension) as it is akin to borrowing money to invest. Rationale: If one had to pay property tax, one will have to take money out of the investment account to pay property tax. The deferment is essentially borrowing money to invest.
Thoughts?
Is there any reason not to take this up (other than restrictions)? I can see a tax advantage if one has absolutely no income other than from investments (e.g., no pension) as it is akin to borrowing money to invest. Rationale: If one had to pay property tax, one will have to take money out of the investment account to pay property tax. The deferment is essentially borrowing money to invest.
Thoughts?
I smile when I see container ships sailing past my house laden with stuff made in China