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Property Taxes

How does it work?

At MCAP, we help to ease the burden of paying taxes for our customers by collecting a portion of money for taxes in addition to each mortgage payment.

We take that tax portion, set it aside, and pay the bill when we receive it from the municipality. We don’t charge you for this service and we try to make the process as seamless and understandable for you as possible.

Your Tax Savings Account is separate from your mortgage account and gives you a way to save money to pay your property taxes. We take care of everything... just another service MCAP clients have come to count on.

If the tax estimate is less than the actual bills we receive, there may not be enough in your account to fully cover your tax bill. We will still pay the bill but it will mean a shortfall in your account. You can handle this two ways; cover the shortfall with a lump sum payment or we will just roll the shortfall into calculations for the new tax portion at the next adjustment date.

We review the tax portion each year, after the final taxes are paid. If any changes are necessary we will let you know at that time.

BC Residents: Please note we will pay the NET amount of your property taxes, unless our records indicate otherwise. Eligible homeowners that qualify for the Home Owners Grant are responsible for applying directly to the municipality every year.

Why use MCAP?

We all cringe at the thought of getting an unexpected tax bill in the mail. You can avoid that possibility by choosing to let MCAP make the payments to the municipality on your behalf. Other benefits include:

  • MCAP does not charge for this service.
  • The payments that MCAP collects are smaller and easier to handle than the direct bills you receive from your municipality.
  • Your account is reviewed at the end of each tax year to make sure we have collected enough, but not too much. We will notify you in advance if we need to change the amount we are collecting.
  • Each year MCAP will send you a property tax statement advising of the amounts we have paid on your behalf.

To learn more or to sign up for this service, visit the

MyMCAP customer portal.
Mortgage Calculators
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