Insurance premium tax exemptions for unlicensed insurance

The premiums you pay for unlicensed insurance are exempt from insurance premium tax if you:

• Enter into a contract of marine insurance or reciprocal marine insurance that is not pleasure craft insurance

• Are a licensee under the Real Estate Services Act and enter into a contract of insurance with the Real Estate Errors and Omissions Insurance Corporation that provides protection against liability referred to in section 102(1) of the Act

• Are a licensee under the Real Estate Services Act and are levied an assessment for the Real Estate Special Compensation Fund by the Real Estate Compensation Fund Corporation

• Are a member of the Law Society of British Columbia and required to pay an insurance fee under section 30(3)(a) of the Legal Profession Act

• Are a farmer and have insurance under the Farm Income Insurance Act or the Insurance for Crops Act

Budget 2024 exempted farmers from the insurance premium tax for insurance under the Farm Income Insurance Act or the Insurance for Crops Act effective April 25, 2024.

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