March 2017 - Dehoney Financial Group

New: PST to be charged on insurance premiums in Saskatchewan

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In an Information Notice dated March 22, 2017, issued by the Government of Saskatchewan, the government announced both an increase and expansion of the Provincial Sales Tax (PST) from 5% to 6% effective March 23, 2017.  Read the notice here.

Of significance to employers with employees who reside in Saskatchewan is the expansion of the PST to include insurance premiums. This new tax applies to all insurance premiums that are due on or after July 1, 2017, regardless of when the policy was issued. This includes:

Life Insurance
Accidental Death & Dismemberment Insurance
Extended […]