TIPP

COVID -19 RESPONSE

We hear our communities’ concerns; at this point we do not have all the answers. However, Town administration is looking at options for property tax support for our residents and businesses within the next few weeks and hope to bring recommendations to Council, well before property tax rates and due dates are set. Both the Federal and Provincial governments have been announcing financial support programs, and any recommendations made to Council will consider these initiatives, when determining Cochrane specific ones. We have time to gather the information needed for Council to make a decision about property taxes in 2020, including the information about the impacts residents and business owners are experiencing. As soon as any decisions are made, they will be communicated here cochrane.ca/COVID-19

Town Council is offering immediate relief to Cochrane residents by providing the option to defer (postpone to a later date) TIPP payments.

If you are currently enrolled on the TIPP Program and are seeking immediate relief, you may cancel your TIPP payments for the time being by submitting a TIPP Cancellation Form.

The following FAQ’s may answer other questions you have around cancelling TIPP at this time:

FAQ

What do I need to do opt out of TIPP between April, May, and June?

Is there enough time still to cancel TIPP payments for April?

  • Yes, if we receive your cancellation form by April 3 

TIPP payments moving to mid-month

Beginning January 2020, the Tax Installment Payment Plan (TIPP) automatic withdrawal moves from the 1st to the 15th of each month. This gives the Town adequate time to process payments. The new TIPP payment amount (your annual tax levy divided by 12) is reflected on your June 2019 tax bill. You can also find your annual levy through your account at eServices.ca. If you have questions, please contact us: taxes@cochrane.ca or 403-851-2500.

The Tax Installment Payment Plan (TIPP) is a popular program which allows you to pay your property taxes on a monthly basis instead of one payment in June. Your payment automatically comes out of your chequing account the 15th day of every month, making budgeting easier and helping you avoid the risk of a 7% penalty.

How TIPP works

Each year property taxes are billed in May, due June 30 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 15, with your account being paid in full after your December 15 installment.

Your installment amount is calculated by dividing your most recent annual tax levy by 12. This amount is paid through automated withdrawals from your bank account on the 15th of each month from January 1 to June 1. When you receive your annual tax bill in May your installment 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 (reflects TIPP payments processed from January - May).
  • The total tax levy (reflects total taxes for the current year - January 1 to December 31).
  • The balance owing (reflects TIPP payments to be made from June to December).
  • The new TIPP payment amount starting in July.
  • Your new TIPP payment amount starting January of the following year.

At year-end:

  • All installment amounts are reviewed in December to ensure a zero balance.
  • TIPP automatically continues from year to year as long all TIPP payments are paid up to date.
  • All installment amounts are recalculated for January 15 (this amount reflects the previous years annual taxes divided by 12).
How to join TIPP

To join the TIPP you need to:

  • Fill out a TIPP application form
  • Agree to the terms and conditions of the plan
  • Complete and return your application no later than the return by date shown
  • Include a void cheque and make your applicable initial payment by the return by date

If you own more than one property you must complete an application of each location. We only require one void cheque if all payments are to be withdrawn from the same bank account.

To cancel TIPP

Taxpayers can terminate the TIPP authorization at any time by notifying the Town of Cochrane in writing ten (10) business days prior to the next installment date. Please fill out our TIPP Cancellation Form.