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          Tuesday, May 31, 2016

The Insurance Premiums Tax Act imposes a tax on insurance companies that do business in Saskatchewan. In addition, The Motor Vehicle Insurance Premiums Tax Act levies tax on gross motor vehicle insurance premiums and The Fire Prevention Act, 1992, levies tax on premiums written relating to fire insurance.

The Revenue Division has prepared a bulletin to help explain how the Insurance Premiums Tax applies in specific situations.

Do you have questions about the Insurance Premiums Tax?  Click here to find some answers. 


Authority

Collected under the authority of The Insurance Premiums Tax Act.

Rate

3% of the gross premiums of life, accident and sickness (increased from 2% effective April 1, 2000) and hail insurance. The rate for individual life, accident, and sickness insurance policies in force before April 1, 2000 is taxed at 2% until such time as the individual policy no longer exists. 

4% of gross premiums on all other insurance transacted in Saskatchewan (increased from 3% effective April 1, 2000).

Due Date

March 15

Revenue

Year 

Revenue 

1995/96

$29,207,000

1996/97 

$31,010,000

1997/98

$31,993,000

1998/99

$35,896,000

1999/00

$34,632,000

2000/01

$50,542,000

2001/02

$54,574,000

2002/03

$58,793,000

2003/04

$63,460,000

2004/05

$68,764,000

2005/06

$70,434,000

2006/07

$74,893,000

2007/08

$77,968,000

2008/09

$88,528,000

2009/10

 $90,110,768

2010/11

 $97,789,474

2011/12

 $103,254,621

2012/13  

 $112,900,724

2013/14 (Budget) 

 $117,598,000

Related Links

This is a tax on gross motor vehicle insurance premiums.

This tax applies to insurance companies for all fire insurance premiums.



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