Policy holders of crop, livestock, hail, margin/income, life and health insurance in Saskatchewan will soon receive a sales tax refund or credit from their insurance provider.
The refunds will be automatically issued, which means no action is required for policy holders, no later than June 30. If you do not receive a refund or a credit by that date, please contact your insurance provider.
On February 26, the government announced that Provincial Sales Tax (PST) no longer applied to the following types of insurance:
- Individual and group life, health, disability, accident and sickness insurance; and
- Crop, livestock, hail and margin/income insurance
The PST exemption on these insurance products is retroactive to August 1, 2017, which is when certain insurance premiums became taxable in Saskatchewan.
Insurance providers who collected and remitted the PST will calculate all refunds payable, and either credit each policy holder’s account, or provide a refund.