News and Insights

CRA Information Notice B280, “Excise Tax on Insurance Premiums”

Tax Development Jan 20, 2009

This notice has been issued by the Canada Revenue Agency (“CRA”) to inform taxpayers about the requirement to pay the 10% Excise Tax imposed on insurance premiums against risks in Canada that are placed with a broker or agent outside of Canada or an insurer not authorized under the laws of Canada or a province to transact the business of insurance. The tax is due to the CRA on or before April 30 each year for taxable contracts of insurance entered into or renewed during the immediately preceding calendar year.

CRA Notice B280