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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 Taxation 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 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.
|Accident and Sickness, Aircraft, Auto Liability, Auto Personal Accident, Auto Other, Life, Liability Insurance, Property, Surety, Other||
|Fire, Fire Risk on Hand, Property Damage, Miscellaneous||
The following bulletins are provided as an aid to understanding the legislation. If there is any conflict in the wording between these bulletins and the legislation, the legislation will prevail.
|IPTA002||Late Return Policy for Insurance Premium Tax Returns||February 2012|
|IPTA001||Registration Process||May 2010|
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 Taxation at.
Finance - Taxation
Government of Yukon
Canada Y1A 2C6
Yukon Government Administration Building
3rd Floor - Finance
2071 Second Avenue
Phone: (867) 667-5343
Fax: (867) 456-6709