Provincial government removes PST from agriculture, life and health insurance

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The provincial government has announced it will be reinstating provincial sales tax exemptions on agriculture, life and health insurance.

“Our government will help families and small businesses save money, invest and help our province grow,” Premier Scott Moe said in a news release. “Part of that commitment is to exempt agriculture, life and health insurance from PST.”

Agriculture exemptions cover crop, livestock and hail insurance premiums, as well as individual and group life and health insurance premiums. Health insurance includes disability, accident and sickness insurance. Exemptions will be retroactive to August 1, 2017, when PST was applied to insurance.

“Our fiscal plan remains on track, even with this reinstatement of the PST exemption on crop, life and health insurance,” Moe said.

The ministry of finance plans to work with insurance providers to figure out the best way to refund individuals and businesses that have paid insurance premiums since August. More information on the refunds will be released by April 10.

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