Insurance companies who conduct business in Saskatchewan are subject to the Insurance Premiums Tax, the Motor Vehicle Insurance Premiums Tax, and the Fire Safety Tax.

The Insurance Premiums Tax Act levies a tax of 3% on the gross premiums of life, accident, sickness and hail insurance. Individual life, accident and sickness insurance policies in force prior to April 1, 2000 are taxed at a rate of 2% until such time as the individual policy no longer exists. A rate of 4% of gross premiums is taxed on property and all other insurance transacted in Saskatchewan. Marine and reinsurance is exempt from the Insurance Premiums Tax.

The Motor Vehicle Insurance Premiums Tax Act levies a tax of 1% on gross motor vehicle insurance premiums.

The Fire Safety Act levies a tax of 1% on gross premiums written relating to fire insurance.

To be completed annually by insurance companies doing business in Saskatchewan.

Overview

Insurance Premiums Tax returns must be completed annually. Returns are due no later than March 15th of each calendar year.

You must complete and submit your Insurance Premiums Tax return by the due date to avoid penalty and interest charges.

Eligibility

Insurance companies doing business in Saskatchewan must file an Insurance Premiums Tax return. Marine and reinsurance is exempt from the Insurance Premiums Tax.

How to Apply

There are several ways to file your IPT return:

1. File using Saskatchewan eTax Service (SETS), which is an online service that offers a secure, fast and convenient way to file your IPT return. There are two options to file using SETS:
   • File Using SETS as a Registered User
   • File your IPT return without signing in
2. File IPT Returns by mail:
   1. Complete the IPT return form received by mail;
   2. Make cheque payable to the Minister of Finance; and
   3. Forward completed form along with payment to:

                  Ministry of Finance

                  Revenue Division

                  PO Box 200

                  Regina, SK S4P 2Z6

3. Make payment through online banking.

IPT Return Form

Insurance Premiums Tax Return