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ARTICLE · 03 APRIL 2017

Quebec Compensation Tax On Insurers Extended Until The Year 2022

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To ensure funding for public services, the Quebec Economic Plan includes an extension of the compensation tax on financial institutions for another five years.

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Ying Chen
Ying Chen
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To ensure funding for public services, the Quebec Economic Plan includes an extension of the compensation tax on financial institutions for another five years.

The compensation tax on insurance premiums charged to insurers in Quebec, Canada, will remain at the current rate of 0.48% until 31 March 2022, according to the 2017/2018 Quebec Budget published on 28 March 2017. Prior to the publication of the new budget, the compensation tax rates applicable were to decrease from 0.48% to 0.3% after 31 March 2017, and the tax was to end on 31 March 2019.

The 2017/2018 Quebec Budget overwrites the 2014 Budget. To ensure funding for public services, the Quebec Economic Plan includes an extension of the compensation tax on financial institutions for another five years.

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