What effect will a property tax deferral, cancellation or other relief have on Ontario Property Tax Credit calculations?
Any deferral or cancellation of property tax will affect an Ontario Property Tax Credit claim. The amount of the deferral or cancellation cannot be included as “occupancy cost” for the calculation of the credit. Only property tax actually paid in the year can be considered “occupancy cost”. If and when the deferred amount is repaid, the entire lump sum can be included as “occupancy cost” and used to calculate the Ontario Property Tax Credit in the year in which the amount is repaid. Any accrued interest cannot be included in the credit calculation.
