How to File
Any resident of British Columbia who enters into a contract of insurance with an unlicensed insurer must file a return and pay the tax.
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).
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.
Returns and Authorization Forms should be sent to:
Ministry of Finance
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 Finance
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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