New Tax Rate – Tax on Insurance Premiums

On January 1, 2015, the tax rate for insurance premiums applicable to automobile insurance premiums increased to 9%, which is the rate applicable to most other types of insurance premiums. The new rate applies to automobile insurance premiums paid after December 31, 2014.

If you are required to collect the tax on insurance premiums, you must apply the 9% rate to automobile insurance premiums paid after December 31, 2014.

Transitional measures

Monthly reporting periods

If you have a monthly reporting period, you have until June 30, 2015, to collect the amounts attributable to the 4% increase that applies to automobile insurance premiums paid on or after January 1, 2015, and you have until July 31, 2015, to report and remit the amounts to us. Note that if you collect these amounts before June 2015, you are required to report and remit them no later than the remittance due date for the reporting period in which you collected them.

Quarterly reporting periods

If you have a quarterly reporting period ending on January 31, 2015, you have until March 31, 2015, to remit to us the amounts of tax to be collected on automobile insurance premiums paid in the quarterly reporting period ending on January 31, 2015.

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