Saskatchewan Updates Information for Vendors of Insurance Contracts

Saskatchewan recently updated Information Bulletin PST-73, “Information for Vendors of Insurance Contracts,” which provides further information on taxable and non-taxable insurance contracts.

Guaranteed Asset Protection insurance and job loss insurance are now added to the list of taxable insurance for Saskatchewan PST purposes. In addition, contracts for creditor protection insurance, including creditor’s group insurance, which typically provide coverage for mortgage or loan payments are now exempt from PST.