Canadian Underwriter

Saskatchewan government announces PST exemption for some insurance premiums

February 26, 2018   by The Canadian Press

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48089736 - agricultural field with a house in the backgroundThe Saskatchewan government says there will be no longer be a provincial sales tax on agriculture, life and health insurance premiums.

Premier Scott Moe pledged to bring in the exemption during the recent Saskatchewan Party leadership race.

Related: SGI Canada develops farm business unit

He says in a statement that the government is committed to helping families and small businesses.

The exemption covers premiums for crop, livestock and hail, as well as individual and group life and health insurance.

It is retroactive to Aug. 1, 2017, the same day the province started adding the six-per-cent PST to insurance premiums.

Moe says the change will cost $65 million in revenue forecast for this fiscal year and $120 million for the following year.

But he says it will not impact the government’s three-year plan to balance the budget by 2020.

“Our fiscal plan remains on track, even with this reinstatement of the PST exemption on crop, life and health insurance,” he said.

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This story was originally published by Canadian Insurance Top Broker.