File and pay your insurance taxes

Last updated on April 8, 2024

Licensed insurers must file the Insurance Premium Tax Return of Taxable Premiums each year. The tax return is due on March 31 for premiums that were received or became receivable in the previous calendar year.

If the amount of insurance premium tax you owed in the previous calendar year exceeded $25,000, you must make instalment payments during the tax year.

Insurance Premium Tax Return of Taxable Premiums 

You must include the following supporting documents with your tax return:

  • A reconciliation between the Office of the Superintendent of Financial Institutions (OSFI) reports done under International Financial Reporting Standards (IFRS) and the premiums you’ve reported on your return. IFRS and insurance premium tax (IPT) have different definitions of premium

  • If you’ve claimed a deduction for premiums on reinsurance from licensed insurers, a schedule detailing the company name and amount of premiums you’ve assumed

  • The exhibits outlined below are based on the type of insurance you provide:

    • Life
      Pages 95.010L, 95.010R, 95.020L and 95.020R of OSFI return

    • Canadian Property & Casualty
      Page 93.30 of OSFI return P&C–1

    • A Reciprocal Exchange
      Page 93.30 of OSFI return P&C–1

    • Foreign Property & Casualty
      Page 67.10 of OSFI return P&C–2

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Penalties and interest

If you do not file your insurance premium return and pay the tax by the filing due date, you’ll be charged penalties and interest

If you miss any required instalment payment due dates or have deficient payments, you’ll be charged interest

If penalties or interest resulted from circumstances beyond your control, you may request a waiver of penalties and interest

If you have not filed a return or want to amend a return you have already filed, you may make a voluntary disclosure

Payment instructions

You can pay the insurance premium tax:

Assessment and reassessment

Once we’ve reviewed your return, a Notice of Assessment will be sent to you. If there are any adjustments to the tax payable, we will provide an explanation of the adjustments with the Notice of Assessment.

We may assess or reassess your return within six years of the delivery date of your return. In cases where you have not filed a return, or you have made any misrepresentation or committed fraud in filing a return or providing information, the six year limitation period does not apply.

Due date

March 31

If you do not file and pay your taxes by the due date, your account will become overdue.

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Contact information

Contact us with your questions about the insurance premium tax.

Note: You cannot submit your tax return through email. 

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