Under the TIPP program, if possession occurs on July 1, how many months of taxes are typically pre-paid?

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Study for the Manitoba Real Estate Exam Module 1. Prepare with comprehensive multiple choice questions and detailed explanations. Ace your exam and start your real estate career!

Multiple Choice

Under the TIPP program, if possession occurs on July 1, how many months of taxes are typically pre-paid?

Explanation:
In Manitoba, property taxes under the Tax Instalment Payment Plan (TIPP) are paid in monthly installments throughout the year. When possession happens on July 1, the closing typically covers only the current month’s tax through TIPP, so July’s instalment is prepaid at closing. The remaining months of the year (August through December) will continue to be paid by the new owner under TIPP. So, only one month is prepaid at the time of possession.

In Manitoba, property taxes under the Tax Instalment Payment Plan (TIPP) are paid in monthly installments throughout the year. When possession happens on July 1, the closing typically covers only the current month’s tax through TIPP, so July’s instalment is prepaid at closing. The remaining months of the year (August through December) will continue to be paid by the new owner under TIPP. So, only one month is prepaid at the time of possession.

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