Insurance companies who conduct business in Saskatchewan are subject to the Insurance Premiums Tax, the Motor Vehicle Insurance Premiums Tax, and the Fire Safety Tax.
The Insurance Premiums Tax Act levies a tax of 3% on the gross premiums of life, accident, sickness and hail insurance. Individual life, accident and sickness insurance policies in force prior to April 1, 2000, are taxed at a rate of 2% until such time as the individual policy no longer exists. A rate of 4% of gross premiums is taxed on property and all other insurance transacted in Saskatchewan. Marine and reinsurance is exempt from the Insurance Premiums Tax.
The Motor Vehicle Insurance Premiums Tax Act levies a tax of 1% on gross motor vehicle insurance premiums.
The Fire Safety Act levies a tax of 1% on gross premiums written relating to fire insurance.
Relevant tax returns are to be completed annually by insurance companies doing business in Saskatchewan.
For more information, please refer to Information Bulletin IPT-1, Insurance Premiums Tax.
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