News and Insights

CRA Excise Taxes and Special Levies Notice ETSL-068

Tax Development Feb 21, 2008

“Frequently Asked Questions Regarding Part 1 of the Excise Tax Act”

The Canada Revenue Agency has issued this notice to provide brokers/agents, insurers, or individuals with answers to frequently asked questions concerning their filing obligations under Part l of the Excise Tax Act. Part I of the Excise Tax Act imposes a 10% tax on insurance premiums against a risk in Canada placed with "authorized"insurers through brokers or agents outside Canada or placed with"unauthorized" insurers.