It’s Happy Manitoba Day Too! RST Exemptions on Property Insurance
Along with celebrating Canada’s birthday, Manitobans have another reason to celebrate July 1st. Manitoba Retail Sales Tax (RST) exemptions come into effect on Wednesday and this means big savings on the total cost of insurance for Manitobans.
The taxation rules are not as clear cut as they could be but the main theme is to give Manitobans relief on tax for property insurance. Having said that, there are some gray areas to navigate. We’ve got you on this….. read on to understand the impact of this change and how it affects your property insurance.
Here is a breakdown of taxable and exempt insurance coverages. This will apply when purchasing or renewing insurance after June 30th. Note that, as we and our insurance company partners are always working well ahead of your policy renewal date, we are catching all policies that may have been issued and should now not include tax. We’ve been trying to catch them as the new rules have been announced but if you have any concerns about your policy, please reach out and we will make sure the proper tax rules have been applied.
Exempt insurance coverages for individuals:
Taxable insurance coverage for individuals:
Exempt insurance coverages for businesses and non-profits:
Taxable insurance coverages for businesses and non-profits:
Exempt insurance coverages for farm and agribusiness: