File and pay your insurance taxes

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)

If you don't file and pay your taxes by the due date, you will be charged interest and penalties.

However, as part of the B.C. COVID-19 Action Plan, interest won’t be charged from March 24 – September 30, 2020 on any outstanding balances. Interest will be charged again effective October 1, 2020. You’re still responsible for paying the outstanding balance.

Payments can be made:

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.