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Insurance Premium Tax

Insurance companies pay an insurance premium tax to the GN based on the amount of insurance premiums they collect in Nunavut.

Insurance companies pay 3% on the insurance premiums they collect from doing business in Nunavut, after making some adjustments. Firms pay an extra 1% on fire premiums they collect. Part XI of the Insurance Act sets out the details of this tax.

Insurance premium taxes are due each year by March 15, for the previous tax year.