Property Tax Service

Let MCAP take care of your property tax bill and never worry about missing a payment.

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4 reasons to pay your property tax with your MCAP mortgage

Whether you’re a new or seasoned homeowner, property taxes can creep up on you quickly. When you pay your property taxes through MCAP, your tax bill is one less thing to worry about.

Planning made easier. Rather than making a lump sum payment yourself, MCAP collects a smaller amount along with your regular mortgage payments.

On-time payments, every time. MCAP will pay your property taxes on time, avoiding any possibility of late fees.

One less bill to worry about. MCAP will collect a set amount along with your regular mortgage payment.

Complimentary service. We offer the MCAP Property Tax Service as a complimentary benefit to all our mortgage holders.

Paying your property taxes with MCAP

How the Property Tax Service works:

MCAP collects the estimated tax amount

We take a portion of your estimated property taxes along with your regular mortgage payment.
We set the money aside

The money is placed in a Property Tax Savings Account until it’s needed.
Send us your first bill

When you receive your first property tax bill, forward it to us.
MCAP will pay on your behalf

After the first bill is paid by MCAP, the municipality updates its information to indicate MCAP will be paying the taxes on your behalf.

Common Questions About Our Property Tax Service

Funds accumulated in your Property Tax Savings Account are used to pay your annual property taxes. We ensure the tax bill is paid for your property regardless of the balance in your Account. This means that at some point during the year your Account may have a surplus and at other times a shortfall. The taxes will be paid no matter the dollar amount accumulated in your Property Tax Savings Account. When the final tax instalment is paid, your loan will go through an automatic adjustment process to review the tax portion to ensure we are collecting enough to pay your taxes for the next year.

You can make a lump sum payment into your Property Tax Savings Account any time after funding. Once the additional funds have been deposited into your Property Tax Savings Account, an adjustment can then be made to the tax portion being collected with your mortgage payment.

A shortfall (debit) in your Account happens if there was not enough money in the Account when property taxes were paid. This money needs to be reimbursed to MCAP for taxes paid on your behalf.

If there is a shortfall in your Account, you are charged an interest rate equivalent to your mortgage rate. We take the outstanding amount into Account when calculating your new tax portion for the upcoming tax year. You may reduce the shortfall in your Account by making a lump sum payment into the Account, or a series of payments over time.

After paying the final tax payment of the year, we’ll review your tax portion to ensure we are collecting the correct amount. We’ll also send you a Property Tax Statement to show the status of your Property Tax Savings Account, and to advise of any changes to the tax portion. This will show how we calculated the tax portion and will let you know when the change will take effect. The tax adjustment also takes into consideration possible increases in taxes.

If your property is in British Columbia, we pay the total amount of your property taxes, unless our records indicate otherwise. Homeowners who are eligible for the Home Owner Grant are responsible for applying directly.

The grant is available to Canadian citizens or the holder of permanent residency status in Canada, who live in British Columbia. He or she must occupy the home as his/her principal residence.

NOTE: The grant must be applied for each year. It is up to the homeowner to apply for this grant.

It is up to the homeowner to advise us of their current HOG status or when/if there is a change to their status.

Homeowners can apply online at www.gov.bc.ca/homeownergrant.

If your property is in Quebec, please forward us your tax bills when you receive it. Also, MCAP does not automatically pay your School Taxes. If you would like us to pay your School Tax bill on your behalf, please send the bill to us annually. We will make the necessary adjustments to your tax portion.

Property taxes are collected annually based on your municipality's final due date. We determine the number of payments remaining until the final due date based on the number of payments you make annually (12, 24, 26, or 52) and then we divide your annual property taxes by the number of remaining payments.

Your tax bill may not reflect the full property taxes for your property. The assessed value may be for the land only and you will receive Supplemental or Apportionment billings from your municipality. If you do, send them to us so that we can make payments on your behalf to your municipality.

Enroll Now

Add the MCAP Property Tax Service to your mortgage today.

Call 1-800-265-2624 or email service@mcap.com to enroll.

Property Tax Service

4 reasons to pay your property tax with your MCAP mortgage

Paying your property taxes with MCAP

How the Property Tax Service works:

MCAP collects the estimated tax amount

We set the money aside

Send us your first bill

MCAP will pay on your behalf

Common Questions About Our Property Tax Service

Enroll Now

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