Read the following information if you sell a taxable insurance premium to a person subject to the tax on insurance premiums.

Filing frequency

You must file your insurance premium tax returns on a monthly basis if the tax on insurance premiums remitted over the last 12 months is $12,000 or more. However, if the tax remitted is less than $12,000, you can elect to file less frequently. Your filing frequency can be:

• quarterly or annually if the tax on insurance premiums remitted over the last 12 months is less than $1,500
• quarterly if the tax remitted over the last 12 months is at least $1,500 but less than $12,000

Filing your return

You can file your return respecting the tax on insurance premiums online using:

• the service for filing GST/HST and QST returns in My Account for businesses
• the online payment service of a financial institution that lets you file your return and pay your balance due in the same transaction

To file your return respecting the tax on insurance premiums by mail, complete form VDZ-527-V, Return Respecting the Tax on Insurance Premiums, and mail it to us using the envelope that comes with the form.

Reporting deadline

If you choose an annual filing frequency, you must send us your tax on insurance premiums return within three months following the end of your reporting period.

If your filing frequency is monthly or quarterly, you must submit your return no later than one month following the end of your reporting period.

Remitting the tax on insurance premiums

You can remit the tax on insurance premiums you collected to us in any of the following ways:

• electronically
  • using the online payment service of a financial institution, if you file your return through My Account for businesses (use your payment code)
  • by pre-authorized debit, if you use the online filing services in My Account for businesses (you must have authorized us to debit amounts by completing form LM-2.DP-V, Payer's Pre-Authorized Debit Agreement – Business PAD)
  • at a financial institution or an ATM (check with your financial institution to see if it offers these payment options)
• by mail

Payment date

Regardless of how you pay, your payment is considered to be received on the date it is received at one of our offices or the date it is processed by a financial institution for remittance to the Minister of Revenue of Québec. To avoid interest and penalties, make sure you account for processing by your financial institution.

Viewing returns and payment information

Log in to My Account for businesses to view your payments and filed returns as well as your statement of account.

You must report and remit the tax on insurance premiums if the following three conditions are met:

• You are a person subject to the tax on insurance premiums.
• You paid an insurance premium.
• The tax on insurance premiums was not collected when all or part of the premium was paid.

You must report and remit the tax, regardless of whether you are registered for the Québec sales tax (QST). 

Reporting and remitting the tax

To report and remit the tax on insurance premiums that is payable but was not collected when the premium was paid, use form FP-505-V, Special-Purpose Returns, and form FP-505.D.H-V, Return Respecting the Tax on Insurance Premiums.

Remittance deadline

If you are required to report and remit the tax on insurance premiums, the remittance deadline depends on whether or not you are a QST registrant.

If you are registered for the QST (or are required to be), the remittance deadline corresponds to the deadline for filing your QST return for the period during which the premium was paid. For more information, see Remittance Schedules of the Tax on Insurance Premiums.

If you are not registered for the QST (and are not required to be), you have until the last day of the calendar month following the month in which the premium was paid to remit the tax.