Insurance Premium Tax

This tax applies to all taxable insurers that insure persons resident in the province or property located in the province. The tax is calculated on the amount of premiums received or receivable.

• The tax rate for premiums on life, health and accident insurance is 2%.

• Effective January 1, 2004, the tax rate for premiums on property and automobile insurance is 4.4%.

• The tax rate on all other contracts of insurance is 4%.