Make a Payment

• Taxable Insurers
• Insurance Purchased from an Unlicensed Insurer
• Payment of an Outstanding (Overdue) Balance
  
  

Instalments are required if your Insurance Premium Tax payable was more than $25,000 in the previous calendar year.

Instalments are due June 15th, September 15th, and December 15th, with the balance of tax due on or before March 31st of the following calendar year, with the filing of the Insurance Premium Tax Return.

Instalments are based on the lesser of:

	25% of the previous year's tax payable
	25% of the current year's estimated tax payable

Please note, if any instalment is less than 25% of the actual tax payable for the current year, interest will be charged on the deficient instalment.

Cheques should be made payable to the Minister of Finance. Please see How to File for more information about filing your return and your payments.

Penalties and Interest

Late returns are subject to a penalty equal to 5% of the amount of unpaid tax, to a maximum of $500.

For late or deficient instalment payments or payments of the balance of tax owing, interest will be charged at a rate of prime plus 3%. Please see our Interest Rates for more information.

Overpayments

If tax is overpaid, you may choose to have the overpayment applied as an instalment in the subsequent year. If you do not request this option on your return, we will automatically refund the overpayment.

Please see Bulletin IPT 001, Insurance Premium Tax for Taxable Insurers for more information.

A cheque payable to the Minister of Finance should be included when you file your return.

Returns and payments should be sent to:

Cheques should be made payable to the Minister of Finance. Please see How to File for more information about filing your return and your payments.

Exchange Rates

Where a contract of insurance has been entered into with an unlicensed insurer, and the premium is denominated in a foreign currency, the premium should be converted to Canadian dollars. The conversion is based on the Bank of Canada closing exchange rate on the date the contract was entered into.

Penalties and Interest

If a return is not filed within 90 days of entering into the insurance contract, or if no return is filed, a penalty equal to 5% of the tax to a maximum of $500 will be charged.

Interest will be assessed at a rate of prime plus 3% from the later of April 1st or the date the return is due.

Please see How to File and Bulletin IPT 002, Insurance Purchased from an Unlicensed Insurer for more information.

If you have an outstanding balance or you have received a Notice of Assessment and would like to pay, there are several ways you can pay your overdue Insurance Premium Tax:

• Pay in Person – Government Agents Office
• Pay in Person – Bank, Credit Union or Trust Company
• Pay by Money Order/Bank Drafts/Certified Cheque
• By Post-Dated Cheque

If you have any questions or concerns about your outstanding balance please see our Frequently Asked Questions or Contact Us.

Pay in Person - Government Agents Office

You can pay your bill in person at any Government Agent/B.C. Access Centre (opens a new window) using your bank card, personal cheque, cash or money order. Please note, credit cards are not accepted.

Please bring your Notice of Assessment, Statement of Account or legal notice with you.

Pay in Person - Bank, Credit Union or Trust Company

You can pay your outstanding bill at most banks, credit unions, trust companies or automated tellers in B.C.

You must bring your complete Notice of Assessment or Statement of Account with you, as your financial institution will need this information in order to process the payment.

Please note, a fee for this service may be levied by your financial institution. These fees may vary between financial institutions.

Please be aware that smaller financial institutions may hold payments until a volume or dollar amount has been reached. Please confirm with your financial institution to ensure your payment will be processed by the due date indicated on your Notice of Assessment.

Pay by Money Order/Bank Draft/Certified Cheque

You can pay your bill by money order, bank draft, certified cheque or post-dated cheque.

Please write your account number in the memo area on the front of your cheque, money order or bank draft. You must include your original Notice of Assessment, Statement of Account or a copy of the legal notice with your payment.

Please make your payment payable to the Minister of Finance and mail to the following address -- please do not mail cash:

Revenue Services of British Columbia
PO BOX 9401 STN PROV GOVT
VICTORIA BC  V8W 9V1

Pay by Post-Dated Cheque

A payment arrangement must be made with the Collection Analyst or Officer looking after your account prior to submitting post-dated cheques.

Please contact the number listed on your Notice of Assessment or legal notice letter, or phone 1-866-361-5050.