Increase to insurance premium tax rate in Alberta
In its 2015 budget adopted last fall, the Government of Alberta announced that the insurance premium tax rate will increase from 2% to 3% on life, accident and health insurance contracts.
This increase, effective on April 1, 2016, applies to all iA Financial Group (Industrial Alliance Insurance and Financial Services Inc.) plans with insured benefits that cover residents of Alberta. Therefore, the rate at the next renewal will reflect the new tax rate.
Please note that Administrative Services Only plans and Health Spending Account benefits are not affected by this change.
If you have any questions or concerns regarding this communiqué, please contact your benefits advisor or your iA Financial Group account executive.