Tax Instalment Payment Plan

Definition

  • 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property taxes in smaller, easier to manage payments without any additional charges or fees and can be automated and withdrawn directly from the homeowner's bank account.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)."

Relevant Locations
Canada

Synonyms
tax instalment payment plan service

Acronyms
TIPP

Alternate Spellings
tax instalment payment plan, Tax Installment Payment Plan, tax instalment payment plan service

Related Terms and Acronyms

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