Tax Rates

Insurance Purchased from Unlicensed Insurers

If insurance is purchased from an unlicensed insurer, the purchaser of the insurance must pay Insurance Premium Tax equal to 7% of the premium paid.

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.

For more information, please see Bulletin IPT 002, Insurance Purchased from an Unlicensed Insurer.