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Update – Provincial sales tax on insurance premiums in Saskatchewan

News Release

As a follow-up to our June communiqué, the Government of Saskatchewan announced in its most recent budget the application of the provincial sales tax (PST) of 6% on insurance premiums. This tax will only apply to Saskatchewan residents.

Based on currently available information, effective August 1, 2017, the PST will apply to all group insurance benefits and all types of contracts, such as regular billed, self-administered and ASO plans, as well as Cost Plus and Health Spending Accounts (HSA) agreements. 

iA Financial Group (Industrial Alliance Insurance and Financial Services Inc.) will therefore begin to apply this tax on August 1 on all your group insurance benefits.

If you have any questions, please contact your advisor or your iA Financial Group Account Executive.