Learn how to submit your insurance premium tax return

You must remit insurance premium tax to Tax Administration, Department of Finance, if you:
  • sell insurance in Yukon; or
  • buy insurance from providers outside the territory for Yukon residents or Yukon assets.

Both of these activities require that you are in good standing with Professional Licensing and Regulatory Affairs.

To remit tax, you must file an annual insurance premium tax return. There are penalties for filing your returns late.

Exemptions

The following contracts are exempt from the insurance premium tax:

  • annuity;
  • marine insurance;
  • re-insurance; and
  • fraternal societies.

Get an insurance premium tax reference number

  1. Contact us. Email: yk.taxreturns@gov.yk.ca.
  2. At the end of each calendar year you’ll receive:
    • an annual letter; and
    • the insurance premium tax return form.
  3. Notify us of any name changes or address changes.

Deadline

Insurance premium tax returns and payments must be received by the Department of Finance by 4:30 p.m., March 15 annually.

Before you apply

Ensure that you are in good standing

All insurers doing business in Yukon must hold a Yukon licence with Professional Licensing and Regulatory Affairs, Department of Community Services.

If you did business with an insurer licensed outside Yukon, a return is required for each month where transactions occurred.

This is required under Yukon’s Insurance Act and its timely completion is a condition of ongoing professional licensing. 

Prepare your tax return

Insurance premium bulletins

We provide insurance premium tax bulletins as an aid to understanding the Insurance Premium Tax Act

Submit your insurance premium tax return

  1. Gather any supporting documents.
  2. Submit your completed annual insurance premium tax return and tax remittance.
    In person:
    Inquiry and cash desk, 2071 Second Avenue, Whitehorse. We are open Monday through Friday from 8:30 a.m. to 4:30 p.m. Find our location on a map.
    Mail:
    Government of Yukon
    Department of Finance (B-1)
    Box 2703
    Whitehorse, Yukon
    Y1A 2C6

What happens if you file late?

You will be charged interest at the rate of 10% per annum from the date on which the tax was due until payment is made.

How to get a tax refund

  1. Confirm your eligibility. Email: yk.taxreturns@gov.yk.ca.
  2. Gather these supporting documents for your application:
    • copies of provincial exhibits with annual return; and
    • a cover letter explaining the reasons for the refund claim.

Premium tax rates

The following tax rates are applied to:

  • the amount of gross premiums; less
  • dividends paid; or
  • premiums returned within the year.

2% tax rate

  • Accident and sickness
  • Aircraft, auto liability
  • Auto personal accident
  • Auto other
  • Life
  • Liability insurance
  • Property
  • Surety
  • Other

Additional 1% tax rate

  • Fire
  • Fire risk on hand
  • Property damage
  • Miscellaneous

From January 1, 2021, a single tax rate of 4% will apply to all insurance premiums.

Find historical Yukon tax rates

Contact: 

If you have questions, email yk.taxreturns@gov.yk.ca.