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Small businesses commend decision to remove the PST from insurance premiums

Small businesses commend decision to remove the PST from insurance premiums

Small businesses commend Premier’s decision to remove the PST from insurance premiums

Source: CFIB

90% of Saskatchewan entrepreneurs support this decision

Regina, February 26, 2018 – The Canadian Federation of Independent Business (CFIB) welcomes Premier Scott Moe’s announcement to reinstate the Provincial Sales Tax (PST) exemption for agriculture, life and health insurance premiums, effective today. A recent CFIB survey found 90 per cent of small business owners agree the provincial government should remove the PST from insurance premiums.

The announcement outlined that the exemption covers agriculture, which includes crop, livestock and hail insurance premiums as well as individual and group life and health insurance premiums.  Health includes disability, accident and sickness insurance. The exemption is retroactive to August 1, 2017, the date PST was applied to insurance. The change has an impact of $65 million on revenue forecast for 2017-18 and a $120 million impact on revenue forecast for 2018-19.

Read the full article here.

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