For most myNext customers, a portion of their property tax bill is collected with each mortgage instalment, which means regular, smaller property tax payments. We then remit to your municipality on your behalf when your taxes are due. It's easy, convenient, and a great budgeting strategy.

How it works:

We collect a portion of your property taxes along with each mortgage payment and remit that amount to your Property Tax Savings Account. When your property taxes are due, we pay that tax bill for your property regardless of the balance in your Account.

This means that at some point during the year your Account may have a surplus and at other times a shortfall. Shortfall amounts are charged the same interest rate you are paying on your mortgage. Surplus amounts are paid nominal interest.

To determine the amount that will be collected with each mortgage payment, take the estimated amount of your annual tax bill and divide it by the number of mortgage payments for the year. For instance, if your annual tax bill is $3,000 and you are paying your mortgage monthly, the tax portion of your monthly payment will be $250. If you are paying your mortgage twice a month, each tax instalment will be $125.

EXAMPLE: 12 equal mortgage payments with a $3,000 tax bill per year. Your tax portion is then 12 payments of $250.

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