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Don’t Pay Property Taxes with Your Mortgage Payments

Many Canadians pay their property taxes with their mortgage payments. I agree that it sounds much easier, but you are leaving money on the table!

Depending on when you start your mortgage, you can be in a deficit or credit position with your lender. If you are in a deficit you will pay interest to your lender till you have caught up. If you are in a surplus, the interest earned is minimal.  

I recommend paying your property taxes directly to the city. By paying directly, you will never pay more than you owe. Many cities have preauthorized debit plans. 

Action plan:

  • Go to your local city’s website and look up the pre authorized property tax payment program.
  • Sign up!
  • In Toronto, you complete a form online, email it in with a VOID cheque.

It’s super easy!

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