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 File

Returns must be filed online using Saskatchewan eTax Services (SETS), which is an online service that offers a secure, fast, and convenient way to file your IPT return.

Registering for SETS will allow you to access all provincial tax accounts, see past transactions, view a statement of account, etc.

Payments due for returns can be made electronically

• Online using SETS (Electronic Funds Transfer (EFT)); or
• Through your personal or business online banking services; or,
• Through wire transfer.

You may also remit your tax payment non-electronically:

• By mailing your cheque to the address above; or,
• By paying through a bank teller at your financial institution.