Insurance Industry: Canadian Premium And Fire Tax – Rates And Deadlines

Footnotes

^{1. The rates in the table apply to licensed insurers. Different rates may apply to unlicensed insurers in some jurisdictions.}

^{2. Fire tax rates are levied under Fire Prevention Act or similar legislation of each jurisdiction. For Northwest Territories, Nunavut and Yukon, footnotes 5 and 9 set out rates levied under other legislation relating to fire insurance premiums.}

^{3. British Columbia's premium tax rate on property insurance and automobile insurance is 4.4%. A rate of 4% applies to most other types of insurance not referred to in the table.}

^{4. Newfoundland and Labrador's instalment deadlines are shown in the table above.}

^{5. Northwest Territories and Nunavut impose an additional 1% tax on gross premiums in respect of fire insurance.}

^{6. Ontario levies a premium tax rate of 3.5% on property insurance. Ontario's instalment deadlines are shown in the table to the right.}

^{7. Quebec rates include 0.55% compensation tax on insurance premiums. (For taxation years ending after March 31, 2014, the compensation rate is 0.35%.)}

^{8. Saskatchewan imposes an additional 1% tax on gross premiums in respect of motor vehicle insurance. Its premium tax rate on hail insurance is 3%.}

^{9. Yukon imposes an additional 1% tax on gross premiums in respect of fire insurance and property damage insurance.}

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.