Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
50% - Moderately

Tax Instalment Payment Plan

Synonyms:tax instalment payment plan service
Acronyms &
Relevant locations:Canada
Filed Under: financial-banking, real-estate, taxation
Tags: property tax, taxes

Definition of Tax Instalment Payment Plan (TIPP)

Tax Instalment Payment Plan (TIPP)
1. A payment option offered by most municipal governments in Canada that allows homeowners to pay their property taxes in monthly instalments instead of in a single lump sum payment. Using a Tax Instalment Payment Plan (TIPP) allows you to pay your property taxes in smaller, easier to manage payments without any additional charges or fees and can be automated and withdrawn directly from the homeowner's bank account. Also known as a "Tax Instalment Payment Plan Service (TIPPS)."

Related Terms and Acronyms:

  • chequing account   A bank account that allows quick access to the money in the account.
  • instalment   The regular periodic payment that a borrower agrees to make the lender.
  • levy   A cost imposed on an individual or entity.
  • local taxes   Taxes imposed by local governments (municipalities) to pay for its services. These taxes are in addition to Federal and Provincial taxation.
  • lump sum payment   One-time single-sum payment or payout.
  • property tax   A levy by a city on real estate and personal property whose amount varies depending on the property's value.
  • tax (TX)   A levy paid by an individual or entity that is collected by a government.
      ➥  Bank account transaction code.
  • Tax Instalment Payment Plan Service (TIPPS)
      ➥  Offered by most municipalities across Canada as a property tax payment option.
  • withdrawal (WD)   Taking money out of a bank account or financial instrument.

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