Does Toronto actually have a plan?

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nobbie48 said:
I wonder why taxes are two clumps of three when almost everything else we pay is monthly. If a person is running tight the tax months are a big budgetary speed bump.
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Ours are four payments a year but you can sign up for equal billing. That spreads property tax to 10 or 12 payments per year.

EDIT:
12 payments per year is only available for those in arrears. The choices for most people are four or 10 payments per year.
 
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GreyGhost said:
Ours are four payments a year but you can sign up for equal billing. That spreads property tax to 10 or 12 payments per year.

EDIT:
12 payments per year is only available for those in arrears. The choices for most people are four or 10 payments per year.
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If you bundle it in with a mortgage it's monthly or weekly, however the mortgage payment is set up. The frequency the bank actually pays the city.........
 
FullMotoJacket said:
If you bundle it in with a mortgage it's monthly or weekly, however the mortgage payment is set up. The frequency the bank actually pays the city.........
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My last house had that for a while but Tangerine stopped doing that and it went back to diy. It was never offered as an option on the mortgage for this house. I don't know if they would do it if I specifically inquired. In any case, I don't see the upside to having the bank as a middle man. If they fail to pay, it's my problem and the bank has the money that I was going to use to pay the tax.

The municipality allowing 10 month billing is a reasonable path imo for those that want steadier cashflow. No payments in November or December to help with xmas pain.
 
FullMotoJacket said:
How many concussions have you had? Sometimes it helps to have a safety net.
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Afaik, zero. I don't understand how having the bank in the middle improves things substantially from 10 month billing direct to municipality. Obviously 10 month billing isn't perfectly even monthly cashflow but it provides more available funds in months where people typically are hurting as they are spending more than they should.
 
GreyGhost said:
Afaik, zero. I don't understand how having the bank in the middle improves things substantially from 10 month billing direct to municipality. Obviously 10 month billing isn't perfectly even monthly cashflow but it provides more available funds in months where people typically are hurting as they are spending more than they should.
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When I got my very first mortgage the bank offered a small discount on the rate if I paid the PT through them. In a default situation I believe taxes get first dibs, so the bank wants to make sure they are paid up.... new mortgage holders and/or lower equity and/or???

The real advantage to me at the time was really just cash flow.
 
With our last house, 45 yeas ago, the principal, interest (5% for 25 years) and taxes went to the lender to pass on as agreed. Sometimes it was tough to come up with the $90.00. :)
 
GreyGhost said:
Ours are four payments a year but you can sign up for equal billing. That spreads property tax to 10 or 12 payments per year.

EDIT:
12 payments per year is only available for those in arrears. The choices for most people are four or 10 payments per year.
Click to expand...
Every municipality will take equal monthly payments as long as you stay ahead of the due dates - just setup a monthly or bi-weekly payment that fits your cash flow.

I setup hundreds of bank customers this way so the bank didn’t need to collect and pay their taxes.
 
When I bought my house my mortgage broker just said do it yourself, most complaint calls she got were from people asking why sometimes their mortgage payments once or twice a year were unexpectedly higher. Their mortgage payment was fine it was the bank miscalculating how much money was needed to cover the property taxes at the end of the year. I ended up just opening a high interest savings account and I have automated bi-weekly deposits to it on paydays. Every year I adjust what the auto payment is based on the annual property tax with a little extra to help build for future home repairs/expenses. I still just pay the 4x yearly.
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