Paying the Tax on Insurance Premiums

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A person subject to the tax on insurance premiums must report and pay the tax if it was not collected when the premium was paid in full or in part. A person is subject to the tax on insurance premiums if:

  • the person is resident in Québec;
  • the person owns an establishment in Québec or is deemed to have such an establishment under the Taxation Act; or
  • the person has insurance that covers property located in Québec.
Example

Peter carries on a business in an establishment located in Québec that he owns. The establishment is covered by insurance offered by an insurance corpration located in Ontario. If the insurance corporation did not collect the tax on insurance premiums when Peter paid the premium, Peter must report and pay the tax to Revenu Québec by completing form FP-505.D.H-V, Return Respecting the Tax on Insurance Premiums.

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