Specific to life and health insurance, the sales tax will apply to all premiums charged on Saskatchewan residents for individual life, disability and critical illness policies issued on or after August 1, 2017.
The PST does not apply to permanent life insurance policies issued before August 1, 2017, including all future premium payments with respect to these policies.
The sales tax will apply to in force critical illness, disability and term life insurance policies.
Please see the province’s information bulletin dated May 31, 2017 for more details.
Together with other leading insurers, we continue to work with the Canadian Life and Health Insurance Association (CLHIA), Advocis, advisors in Saskatchewan and other stakeholders to raise our concerns about this tax and ask the government to reverse its decision.
To-date, we have taken the following actions:
- Direct discussions with government: We have written to the Minister of Finance and have met in person with the Minister and government officials to educate them on the negative unintended consequences of this tax.
- Radio Advertising: Ads began to run on June 5th speaking directly to Premier Brad Wall (radio ad 1; radio ad 2; radio ad 3), along with newspaper op-eds and radio interviews (Podcasts on Demand: June 12, 2017 – 10 a.m).
- Raising awareness and giving people a voice: You are invited to sign the Independent Financial Brokers of Canada’s online petition.
- You are also invited to join Advocis’ email and Facebook campaigns and to contact your Member of the Legislative Assembly (find list of MLAs here) to let them know that taxing life and health insurance will hurt families, businesses and the province.
- Please share this petition with your clients from The Canadian Taxpayers’ Federation opposing the tax. Any resident of Saskatchewan is welcome to sign.
This situation remains fluid; further information will be provided as it becomes available.
Please share this message with staff as appropriate.
How to direct inquiries:
- If you have any questions, or require more information, please contact your MGA, branch office or product solutions centre.
- Following our usual process, any media inquiries should be referred to Tim Oracheski, Director, Media and Public Relations at (204) 946-8961, or via email at or Media.Relations@canadalife.com.
- The social media team will also continue to monitor online discussions as usual; please send any concerns to Social.Media@canadalife.com .