How to File
Taxable insurers must complete and file form FIN 527, Insurance Premium Tax Return of Taxable Premiums on or before March 31st of the year following the calendar year in which the premiums were received or became receivable. Penalties and interest may apply to late returns.
A signed copy of the Insurance Premium Tax Return must be mailed to:
Ministry of Small Business and Revenue
Income Taxation Branch
PO BOX 9444 STN PROV GOVT
VICTORIA BC V8W 9W8
The postmark date on the envelope is accepted as the filing date.
For returns that are sent by courier or fax, the date the return is received by the ministry is considered the filing date:
Fax: 250-356-0434
Courier:
Ministry of Small Business and Revenue
Income Taxation Branch
1st Floor 1802 Douglas Street
Victoria BC V8T 4K6
If a return indicates a balance of tax owing, a cheque made payable to the Minister of Finance should accompany the return.
Exhibits detailing the amount of premiums written and policy-holder dividends in each province must accompany the return. We require copies of the following exhibits which are normally submitted with the annual return filed with the Office of the Superintendent of Financial Institutions:
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for life insurance companies, include pages 95.010L, 95.010R, 95.020L and 95.020R of OSFI return LIFE-1 or LIFE-2 |
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for property and casualty insurance companies, include page 67.10 of return P&C-1 or P&C-2 |
In addition, where a deduction has been claimed for premiums on reinsurance accepted from licensed companies, a schedule should be included detailing:
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the name of the licensed company |
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the amount of the premium accepted |
If you don't submit the exhibits and schedules with the Insurance Premium Tax Return, it will delay the processing of the return.
Please see Bulletin IPT 001, Insurance Premium Tax for Taxable Insurers for more information.
Insurance Purchased from an Unlicensed Insurer |
Any resident of British Columbia, including a corporation or partnership with a permanent establishment in British Columbia, who enters into a contract of insurance with an unlicensed insurer must file a return and pay the tax.
If a non-resident of British Columbia enters into a contract with an unlicensed insurer to cover risks related to a resident of British Columbia, the resident is responsible for filing a return and paying the tax.
Please complete form FIN 521, Return of Unlicensed Insurance. Returns must be filed within 90 days of entering the insurance contract. Penalties and interest may apply to late returns.
Often an insurance broker will file and remit the tax on behalf of the client. If you wish your insurance broker to represent you on Insurance Premium Tax matters, please submit an Authorization Form (FIN 573). Returns and Authorization Forms should be sent to:
Ministry of Small Business and Revenue
Income Taxation Branch
PO BOX 9444 STN PROV GOVT
VICTORIA BC V8W 9W8
The postmark date on the envelope is accepted as the filing date.
For returns that are sent by courier or fax, the date the return is received by the ministry is considered the filing date:
Fax: 250-356-0434
Courier:
Ministry of Small Business and Revenue
Income Taxation Branch
1st Floor 1802 Douglas Street
Victoria BC V8T 4K6
The return should be accompanied by a cheque made payable to the Minister of Finance for the tax owing.
Please see Bulletin IPT 002, Insurance Purchased from an Unlicensed Insurer for more information.
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