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TIPP - How does TIPP work?

The Tax Instalment Payment Plan (TIPP) is a popular program that allows you to pay your property tax on a monthly basis instead of one payment in June.

Your payment automatically comes out of your chequing account the first day of every month, making budgeting easier and eliminating the risk of a 7% penalty.

Each year property taxes are billed in May, due at the end of June and cover the period from January 1 to December 31.

If you pay through TIPP you don't need to worry about the payment deadline or late payment penalties. Your taxes are spread over 12 months, starting January 1, with your account being paid in full after your December 1 instalment.

Your instalment amount is calculated by dividing your most recent annual tax levy by 12, rounded up to the nearest dollar. This amount is paid through automated withdrawals from your bank account the first day of each month.

When you receive your annual tax bill in May your instalment will be adjusted to reflect the actual tax levy, ensuring your account is paid in full by year end.

Your tax bill will show:

  • The TIPP credit-to-date.
  • The new instalment amount for the remainder of the year.
  • The date we will start withdrawing the new instalment amount.

At year-end:

  • TIPP automatically continues from year to year.
  • In November, instalments are reviewed for the up-coming tax year to bring the monthly payment to an ideal amount. This ideal amount becomes the revised instalment beginning January 1.
  • If an adjustment is made to your instalment amount, you will be notified.

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