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Canadian direct assured Tax Report (Form C-FET01)

Canadian direct assured Tax Report (Form C-FET01) 2025

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The Canadian 'direct assured' Tax Report (Form C-FET01) is a mandatory document for Lloyd's brokers to submit to Xchanging when certain conditions are met regarding insurance policies covering Canadian residents and risks. It outlines the criteria for applicability of Canadian Federal Excise Tax, which is set at 10% for policies involving Canadian insureds, and specifies exemptions. The form requires detailed information about the broker, insured, policy details, and contact information, emphasizing that incomplete submissions will be rejected.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What is the foreign transfer tax in Canada?

In Ontario, the foreign buyer tax is known as NRST (Non-Resident Speculation Tax) and is 25% of the value of consideration. In B.C., the additional property transfer tax is 20% of the propertys fair market value.

What does FET mean in taxes?

US Federal Excise Tax (FET)

What is the GST tax in Canada?

The GST is a federal tax levied at a rate of 5% on the supply of most property and services made in Canada. It is a value-added tax (VAT) applied at each level in the manufacturing and marketing chain. However, the tax does not apply to supplies that are zero-rated (i.e. taxed at 0%) or exempt.

Who has to pay FET tax?

The seller is responsible for the retail FET due to a truck or trailer. The truck owner is responsible for filing and paying Form 2290 for Heavy Highway Vehicle Use. This is an annual tax on the continuing use of heavy load-bearing vehicles.

What is the vape tax in Canada?

Effective July 1, 2024, the rates of vaping duty imposed on vaping solids under section 158.58 are: $1.12 per 2 g or fraction thereof for the first 10 g of vaping substance in the vaping device or immediate container. $1.12 per 10 g or fraction thereof for amounts over the first 10 g.

How do I report foreign income on my tax return in Canada?

Completing your tax return Enter on line 10400 of your return the amount of your foreign employment income (in Canadian dollars) that is not included on a T4 slip. (If your foreign income is included on a T4 slip, see line 10100.)

What is the FET tax in Canada?

The Excise Tax Act imposes a 10% levy on insurance premiums (other than reinsurance) against a risk in Canada. If you have received a notice from the CRA, this means that you have taken out insurance policy/policies at Lloyds which have been reported to us by your insurance broker as being subject to FET in Canada.

Do I need to file a US tax return as a Canadian?

The United States refers to non-US persons as nonresident alien individuals. A nonresident alien is required to file a US tax return when they perform any service in the United States or earns US source income above a certain threshold.

Canadian direct assured Tax Report (Form C-FET01) 2025

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