Department of Finance
Department Overview
Insurance Premium Tax
The Insurance Premium Tax Act imposes a tax on every insurance company transacting business in the Yukon with respect to business transacted in the Yukon in the taxation year.
The following provides the most pertinent information and procedures to help you understand how taxes apply to insurance premiums. If you require additional information please contact Revenue Services by phone at (867) 667-5345 or fax at (867) 456-6709.
A person or corporation must file an annual premium return if premiums have been sold to persons whose property was situated in the Yukon or persons who are residents in the Yukon.
Annual Insurance Premium Tax Return
Annual returns are to be received by the Government of Yukon on or before March 15th of the year following the calendar year.
Applicants must provide copies of provincial exhibits with annual return as well as a cover letter explaining the reasons behind the refund claim.
Tax exemptions are provided for the following:
a) Annuity contracts
b) Marine Insurance contracts
c) Re-insurance contracts
d) Fraternal Societies
The Premium Tax Rate is applied to the amount of gross premiums, less dividends paid or premiums returned within the year.
|
Insurance Categories |
Rate |
| Accident and Sickness, Aircraft, Auto Liability, Auto Personal Accident, Auto Other, Life, Liability Insurance, Property, Surety, Other |
additional 2% |
| Fire, Fire Risk on Hand, Property Damage, Miscellaneous |
additional 1% |
Disclaimer
Disclaimer: This web site, including the bulletins, brochures, and notices, contains general information and is provided for convenience and guidance. If interpretation problems occur, please refer to the legislation or contact the Revenue Services at.
Finance - Revenue Services
Mailing Address
Government of Yukon
Box 2703
Whitehorse, Yukon
Canada Y1A 2C6
Street Address
Yukon Government Administration Building
3rd Floor - Finance
2071 Second Avenue
Whitehorse, YT
Phone: (867) 667-5343
Fax: (867) 456-6709
E-mail:
fininfo@gov.yk.ca