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When you have an insurance contract to insure a resident of B.C., or a property situated in B.C., Insurance Premium Tax is charged. The tax is charged on premium payments made as consideration for the insurance contract, such as premium deposits, assessments, registration fees and contributions by members.
All insurance companies are subject to a tax on gross premiums. In addition, one of the schedules in the gross premiums tax return is used for the computation of retaliatory tax, which is the second tax that an insurance company may owe.
Provinces across Canada charge provincial tax on select forms of insurance premiums, usually in the range of between 5% and 9%. The rate in B.C. is 7%, while in Ontario it is 8% and in Quebec it's 9%.
The rate of the tax on insurance premiums is 9%. GST and QST do not apply to insurance premiums.
As per section 80D, a taxpayer can deduct tax on premium paid towards medical insurance for self, spouse, parents, and dependent children. Individuals and HUF can claim this deduction. The limit of the deduction varies with age. A deduction of Rs 25,000 is available for self, spouse, and dependent children.
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Any health insurance premiums you pay out of pocket for policies covering medical care are tax-deductible. (Medical care policies cover treatment including hospitalization, surgery and X-rays; prescription drugs and ; dental care; lost or damaged contact lenses; and long-term care, with some limitations.)
No. \u201cLife insurance premiums\u2014what you pay for the coverage\u2014is generally paid with after-tax dollars. The payor then cannot normally deduct the cost,\u201d says Wouters.
You can claim the amount paid to buy, use, and maintain this equipment. Premiums paid to private health services plans including medical, dental, and hospitalization plans. They can be claimed as a medical expense, as long as 90% or more of the premiums paid under the plan are for eligible medical expenses.
Premiums paid to a private health services plan, such as extended health benefits or a dental plan, other than those fees paid by an employer, qualify as medical expenses for purposes of the medical expense tax credit.
The rate of the tax on insurance premiums is 9%. GST and QST do not apply to insurance premiums.

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