On April 22nd, 2008 the Provincial Government announced the elimination of the Insurance Premium Tax. At Cal LeGrow, we are still awaiting final clarification from the Government with respect to how the procedure for refunds to our clients will work.  We have been informed that a further release on implementation will be coming from the province by April 24th. 

In most cases, clients purchasing insurance or renewing existing insurance policies after April 22 have not been charged the Insurance Premium Tax. However, there are clients that have been charged the tax due to a lag in implementing technology changes to eliminate the tax at our insurer partners.  If clients have been charged tax after April 22nd this tax will be refunded along with all other refunds. 

In general, if a person purchased or renewed a contract of insurance on or after January 1, 2008, that person will receive a refund of tax paid.  No refunds will be available for insurance contracts purchased or renewed prior to January 1, 2008. In addition, no refunds of tax will be provided to taxpayers who cancel insurance policies that were acquired before 2008. 

The Province has provided Cal LeGrow with a contact at the Dept of Finance for those customers that have an issue or concern regarding the status of their policy in relation to the tax. This contact is Anne Winsor, Department of Finance, 729-0258. The link to the latest information from the Province is www.fin.gov.nl.ca/fin/taxonprem.html. 
 
 

Updated April 30/ 2008.