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June 18, 2010 HIGHER QUEBEC INSURANCE PREMIUM TAX RATE In the Quebec 2010-2011 budget, the Quebec Ministry of Finance announced the following: EXTRACT FROM THE BUDGET 2010-2011 - ADDITIONAL INFORMATION ON THE BUDGETARY MEASURES: “Increase in the rates applicable to salaries paid and insurance premiums ...rates applicable to two of the three components of the compensatory tax on financial institutions...will be raised temporarily. More specifically, the rates applicable to financial institutions will be raised: … - for insurance premiums and amounts established regarding to an insurance fund, by 0.2 percentage points...” This increase in insurance premium tax has been in effect since April 1, 2010 and is intended to be a temporary measure with a scheduled end date of March 31, 2014. During this period, the insurance premium tax rate will be 2.55%. For more information, visit: http://www.budget.finances.gouv.qc.ca/Budget/2010-2011/en/documents/AdditionalInfo.pdf We will soon provide more details about The Standard Life Assurance Company of Canada’s position on in force and new insurance policies. |
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