Keyword
retail sales tax
Province to permanently remove sales tax on personal property insurance
March 29, 2023 by Jason ContantNewfoundland and Labrador’s provincial government has announced it will permanently remove the 15% retail sales tax (RST) on personal property insurance, a move Insurance Bureau of Canada (IBC) says aligns with its “recommended approach after months of advocacy.” The issue…
A government that actually followed through on its promise to reduce tax on insurance premiums
March 28, 2018 by Jason ContantDrivers in Newfoundland and Labrador can thank the province’s improved financial situation for a lower tax burden on auto insurance premiums in 2018. If the province’s financial situation continues to improve, the government said it might consider reducing the tax…
Insurers applaud provincial decision to remove retail sales tax on insurance premiums
March 27, 2018 by Jason ContantNewfoundland and Labrador’s decision to remove 5% of the retail sales tax paid on auto insurance premiums over the next four years will help return stability to the market, the Insurance Bureau of Canada (IBC) said Tuesday. Tom O’Handley, manager…
Marine, surety insurance policies among those exempt from Newfoundland and Labrador’s 15% retail sales tax on P&C premiums
May 2, 2016 by Canadian UnderwriterInsurance policies for marine, surety, guarantee or fidelity-type bonds, accident and sickness, and life will be exempt from Newfoundland and Labrador’s 15% retail sales tax (RST) on property and casualty insurance premiums, the Insurance Bureau of Canada (IBC) said on…