Overdue Insurance Taxes
If you don't file and pay your insurance premium taxes on time, you will be charged penalties and interest. However, the charges may be waived or cancelled in whole or in part if:
A penalty of 5% of the amount of unpaid tax, to a maximum of $500, will be charged if you don’t file by the due date.
Interest at a rate of prime plus 3% will be charged for late or deficient instalment payments or payments of the balance of tax owing.
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.