If the amount of insurance premium tax you owed in the previous calendar year exceeded $25,000, you must make instalment payments based on the lesser of:
- 25% of the previous year’s tax, or
- 25% of the current year’s estimated tax
If you choose to pay instalments based on 25% of the current year’s estimated tax and the instalments are less than 25% of the actual tax, you will be charged interest on the difference.
Instalments are due during the tax year on:
- June 15
- September 15
- December 15
The remaining tax payable is due with the insurance premium tax return by March 31 of the following calendar year.
- Online using eTaxBC
- Through your bank or financial institution
- By mail or courier
- At a government office
If you aren’t required to make instalments, you must pay the entire balance of tax owing on or before the insurance premium tax return due date of March 31 of the following calendar year.