# How to save property taxes



## faline (Feb 10, 2011)

I just switched it so I will pay my own property taxes instead of the bank doing it for me.
How do you suggest I save the money over the year? HISA? any other suggestion?
I plan on automatically withdrawing the biweekly amount.
thanks in advance


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## none (Jan 15, 2013)

Depends how close you are to the edge of affordability. 

What I would do (because I have substantial wiggle room) is dump it in an e-series index fund biweekly (esp if you have TFSA room). The consequences of this strategy however are that at property tax paying time you may owe more or less than what you have invested in the index funds. 

Be wary of the minimum 30 day holding period however.


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## RBull (Jan 20, 2013)

Do you have to pay biweekly to your city/county? My taxes are paid monthly. 

Do you mean how should you invest the money that you saved for tax purposes? Just use a simple HISA. It's not worth the risk and trouble of investing/withdrwaing money in the market when it's going out the back door as fast as its coming in the front.


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## Ag Driver (Dec 13, 2012)

I pay in 6 installments throughout the year. I have a dedicated HISA and transfer 5% of each paycheque towards my property taxes. I pay my taxes as a bill payment (no fee) through my Canadian Tire Mastercard for some additional deferring to gain interest and Canadian Tire Money. The account typically runs in a surplus so I never have to worry.


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## faline (Feb 10, 2011)

Thanks for the suggestions. I live in Ottawa and I thought I'd pay by credit card for the points but the City charges 1.99% to pay by cc.
I'll be paying yearly so was debating between a HISA, Bonds, or TFSA e-series. Right now a HISA is only being offered by my bank for 0.5%


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## Ag Driver (Dec 13, 2012)

The Canadian Tire Options MC can do bill payments for taxes in many cities. There is no fee. This is the only card out there capable of doing so. 

https://customer.ctfs.com//Products/CreditCards/OptionsMasterCard/BillPayments/


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## Beaver101 (Nov 14, 2011)

^ Any idea where I can see the list of tax collectors/recipients that accept payments from CT Options MC cc, thanks? I checked your link but this information is not available.

Okay, will check the google link later ... I'm not in Ottawa but wouldn't be surprised there is no such list of payees for city of Toronto. Thanks again.


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## Ag Driver (Dec 13, 2012)

Deleted.


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## rikk (May 28, 2012)

faline said:


> I live in Ottawa ... I'll be paying yearly ...


Interesting, I'm in Ottawa and my property taxes comprise two payments/year ... March and June ... or so.


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