New deadline for PST on Sask. insurance premiums

By CKOM News Staff
May 17, 2017 - 5:21pm

The Government of Saskatchewan is giving people a little more time before provincial sales tax is (PST) is applied to insurance premiums.
 
The move to tax premiums was announced in the last provincial budget. It was supposed to take effect on July 1.
 
However, the government announced Wednesday that the start date is being pushed back a month to Aug. 1, following consultations with representatives of the insurance industry.
 
Also announced Wednesday:  PST will be applied to self-insured group arrangements, also known as Administration Services Only arrangements.
 
Premiums on individual permanent life insurance policies that came into effect before Aug. 1, 2017 will be exempt from PST, according to a government media release.
 
The release noted that any endorsements added to insurance contracts with effective dates prior to Aug. 1, 2017 will not be subject to the sales tax.

 

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