Learn how the Insurance Premium Tax Act affects insurers

All insurers doing business in Yukon must hold a Yukon licence.

You must remit insurance premium tax if you:

  • sell insurance in Yukon; or
  • buy insurance from providers outside the territory for Yukon residents or Yukon assets.

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

Read the Insurance Premium Tax Act to learn more.

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 or phone: 867-667-5345, toll free in Yukon 1-800-661-0408, ext. 5345.
  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.

Submit your insurance premium tax return

Deadline

The deadline is:

  • 4:30 p.m. on the first business day after March 14; and
  • in the year after the calendar year when transactions took place.

If you submit your return by mail or courier, the postmarked date is the delivered date. If you submit it another way, it must be received by before 4:30 pm on the due date.

Before you submit your return

Submit your insurance premium tax return

  1. Gather any supporting documents.
  2. Submit your completed application and tax remittance.
    In person:
    3rd floor, 2071 Second Avenue in Whitehorse. We are open Monday through Friday from 8:30 a.m. to 4:30 p.m.
    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 or phone: 867-667-5345, toll free in Yukon 1-800-661-0408, ext. 5345.
  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.

1% tax rate

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

Find historical Yukon tax rates

Contact: 

If you have other questions, email: yk.taxreturns@gov.yk.ca, or phone: 867-667-5345, toll free in Yukon 1-800-661-0408, ext. 5345.