News and Insights

Saskatchewan Updates Bulletin on Insurance

Tax Development Apr 29, 2018

Saskatchewan Updates Bulletin on Insurance and Releases Additional Information Notices on Insurance Exemptions

The Government of Saskatchewan has updated Information Bulletin PST-73, “Information for Vendors of Insurance Contracts” and issued the following documents/notices:

The bulletin was updated, and these documents were released to reflect that PST no longer applies to:

  • individual and group life insurance;
  • individual and group health, disability, accident, and sickness insurance; and
  • crop and livestock insurance, hail insurance, and margin/income insurance.

Information Notice 2018-04 and Information Bulletin PST-73 provide additional information on specific exemptions where there may be taxable and exempt components, as well as additional information on credit protection insurance, travel insurance, and agricultural insurance. 

In addition, Information Notice IN 2018-05, and “Automatic PST Refunds on Certain Types of Insurance” clarify that any tax paid on these policy types are exempted retroactively to August 1, 2017 and that any tax paid is to be refunded to the policyholder.  Information 2018-05 also provides information for insurance providers on the documentation required in order to be refunded by the Ministry of Finance for any PST they have refunded to their policy holder.