The federal government and some province governments of Canada charge a tax regarding insurance premiums. Due to risks in the province, companies in Alberta must self-assess a 50% tax on certain insurance premiums. This requirement is applicable on premiums covered under insurance contracts with insurers that are not registered in Alberta. Businesses have to self-assess and remit this special tax to the Alberta government within 30 days after signing a contract or receiving any policy, interim receipt, or insuring document, whichever occurs first. If the tax is not paid within the deadline, an extra penalty could bring the total amount of the tax to 75% of the premium. Other provinces and the federal government also charge some lower similar taxes from the insured persons for insurance contracts.
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