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T.I.P.P. = Tax Instalment Payment Plan

Generally here in our province, your property taxes are probably either due June 30th or October 31st .. depending if you live in the city or in the rural country. The city or municipality often offers you the option to pay your property taxes on a monthly basis, usually by automatic withdrawal from your bank account on the first of each month. The property taxes (and business taxes) run for the calendar year .. and generally are precalculated as a fixed amount until the new taxes for the current year become in effect. Then, the payment would be altered slightly and be adjusted if necessary.

For accounting purposes, generally speaking, if your fiscal year end is December 31st .. then at the year end date there should be no prepaid business or property taxes on your balance sheet.

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