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 Taxation by phone at (867) 667-5345 or fax at (867) 456-6709.


Annual Return

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

Return Deadline

Annual returns are to be received by the Government of Yukon on or before March 15th of the year following the calendar year.

Refunds

Applicants must provide copies of provincial exhibits with annual return as well as a cover letter explaining the reasons behind the refund claim.

Exemptions

Tax exemptions are provided for the following:

a) Annuity contracts
b) Marine Insurance contracts
c) Re-insurance contracts
d) Fraternal Societies

Premium Tax Rates

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

2%

Fire, Fire Risk on Hand, Property Damage, Miscellaneous

additional 1%

 

 

Historical Yukon Tax Rates 

Insurance Premium Tax Bulletins

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.

 

 Bulletin
Number

 Title

 Date Issued 
(Last Revised)

 IPTA002  Late Return Policy for Insurance Premium Tax Returns   February 2012
 IPTA001  Registration Process   May 2010

 

Insurance Premium Tax Act and Regulations

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 Taxation at.

Finance - Taxation

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