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How Does a Prime Rate Change Affect My Mortgage Payments?

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Property Taxes

How does it work?

At RMG, we can help to ease the burden of paying taxes for our homeowners 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 bills when we receive them from the municipality. We don’t charge you for this service and we try to make the process as seamless and understandable 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 RMG homeowners 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 the tax bill. We will still pay the full amount but it will mean a shortfall in your account. This can be handled in one of two ways; cover the shortfall with a lump sum payment or we can 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.

If your property is in British Columbia, we pay the total amount of your property taxes, unless our records indicate otherwise. Homeowners who are eligible for the Home Owner Grant are responsible for applying directly.

If your property is in Quebec, please forward us your tax bills when you receive it. Also, MCAP does not automatically pay your School Taxes. If you would like us to pay your School Tax bill on your behalf, please send the bill to us annually. We will make the necessary adjustments to your tax portion.

Why use RMG?

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

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

MyRMG Homeowner Portal