Modification - Provincial sales tax (PST) on insurance premiums in Saskatchewan

Communiqué

On February 26, 2018, the Government of Saskatchewan announced that the provincial sales tax (PST) of 6% no longer applies to group insurance policies. This exemption is effective February 26, 2018, and applies retroactively to August 1, 2017, the date when insurance premiums became taxable for Saskatchewan residents.

The Government of Saskatchewan will work with the insurance industry to provide refunds of PST collected and remitted on premiums paid with respect to the above-mentioned policies as quickly as possible so that insurance providers will be able to refund their customers. Additional information will be forthcoming as the Ministry of Finance consults with the insurance industry.

As a first step, we will stop billing Saskatchewan PST effective April 1, 2018. Please note that your bill may still show Saskatchewan PST for premiums due/reimbursed for adjustments before April 1, 2018.

We will keep you informed of any developments.

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