PST exemption on agriculture, health and life insurance returns
Premier Scott Moe fulfilled one of the many campaign promises today when his government reinstated the Provincial Sales Tax (PST) exemption for agriculture, life and health insurance premiums, effective immediately.
The exemption covers agriculture, which includes crop, livestock and hail insurance premiums as well as individual and group life and health insurance premiums. The exemption for health insurance includes disability, accident and sickness insurance.
“Our government will help families and small business save money, invest and help our province grow,” Moe said in a press release. “Part of that commitment is to exempt agriculture, life and health insurance from the PST.”
The move rescinds a decision by the previous Wall government as the province dealt with a $1.2 billion deficit. The exemption is retroactive to Aug. 1, 2017 — the date PST was applied to insurance.