File and pay your insurance taxes

Last updated: May 18, 2023

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 (FIN 527)

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

    • B.C. Captive
      Exhibit # 7 ‐ Premium Schedule, as filed with the BC Financial Services Authority

Submit online

Submit online using eTaxBC

Submit printed report

Submit the printed return (PDF) 

Note: Available until December 31, 2023. Effective January 1, 2024, electronic filings are mandatory.

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:

Until December 31, 2023, you can also pay the insurance premium tax:

Effective January 1, 2024, electronic payments are mandatory. 

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 doesn’t apply.