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Ministry of Revenue Client Accounts and Services Branch 33 King Street West PO Box 620 Oshawa ON L1H 8E9 Page 1 of 2 Insurance Premium Tax Return Pursuant to the Corporations Tax Act For taxation.

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Insurance Premium Tax (IPT) is a tax on general insurance premiums, including car insurance, home insurance, and pet insurance. There are two rates of IPT: a standard rate of 12% and a higher rate of 20%, which applies to travel insurance, electrical appliance insurance and some vehicle insurance.

Learn about tax on insurance premiums for people and property in Ontario....What are the insurance premium tax rates? Type of InsuranceRateSickness2%Property3.5%Other3%2 more rows • Mar 27, 2022

When you pay an insurance premium, you are generally required to pay a tax on it. The rate of the tax on insurance premiums is 9%. Note that this tax also applies to premiums paid to the Société de l'assurance automobile du Québec. GST and QST do not apply to insurance premiums.

This federal tax—imposed at a rate of 10% on insurance premiums—can apply with respect to: Businesses that have purchased insurance coverage from insurers outside Canada in 2021. Businesses with insurance coverage from a global insurance policy that an affiliated company acquired in 2021 from insurers outside Canada.

How is IPT calculated? The tax on an insurance policy is calculated as a percentage of the premium: 12% standard rate or 20% higher rate. No IPT is due on service fees.

Are drivers required to pay harmonized sales tax (HST) on auto insurance? No, HST (harmonized sales tax) is not charged on car insurance in Ontario. Though Ontario residents may be used to most sales being subject to HST, car insurance is exempt.

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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232