- What's new in Ontario Insurance Premium Tax legislation?
- How do I register an account with the Ministry of Finance?
- When will my CT – Insurance Premium Tax Return be processed?
- When is my CT - Insurance Premium Tax Return due?
- When will I receive my assessment?
- When will I receive my refund?
- Will I be charged interest and/or penalty for the period until my tax return is processed?
- I received a statement with an estimated amount owing. How was the amount calculated?
- Where can I mail/deliver my tax return?
- How do I make payments for my Ontario Insurance Premium Tax instalments and balance of tax due?
What's new in Ontario Insurance Premium Tax legislation?
Uninsured Benefit Arrangements (UBA's) December 1, 2010
Amendments to the Corporations Tax Act (CTA) (and the Retail Sales Tax Act) allow planholders that provide significant pre-funding to a qualifying trust to pay Premium Tax when benefits are paid out to plan members instead of at the time the funds are contributed to the trust. A qualifying trust must file an election under section 74.2 (3.1) of the CTA. For further information, please refer to the Information Notice titled Proposed Amendments to Taxation of Benefit Plans.
How do I register an account with the Ministry of Finance?
Before registering an account with the ministry, you must first register with the Ontario Ministry of Government Services to obtain your Ontario Corporation Number (OCN). Once you have obtained your OCN, contact the Ministry of Finance at 1 866 ONT-TAXS (1 866 668-8297) or download the Request for Registration form [PDF - 576 KB].
When will my CT – Insurance Premium Tax Return be processed?
All tax returns will be processed as they are received.
When is my CT - Insurance Premium Tax Return due?
A completed tax return and any supporting documents must be filed within six months after the end of your taxation year.
When will I receive my assessment?
Assessments will be sent out after your tax return is processed. If you have an outstanding balance on your account you will receive a monthly statement.
When will I receive my refund?
If you are entitled to a refund, it will be paid after the assessment is issued.
Will I be charged interest and/or penalty for the period until my tax return is processed?
If you have done the following on time: made your instalment payments, paid the balance of Premium Tax in full, and filed your tax return, you will not be assessed interest or penalty for the delay in processing your tax return.
I received a statement with an estimated amount owing. How was the amount calculated?
Tax clients who do not file their tax returns on time may receive an assessment that has automatically estimated an amount of Premium Tax owing. Estimated amounts will be calculated based on the average of total Premium Tax assessed on up to the past six (6) filed tax returns excluding nil and credit tax returns.
Where can I mail/deliver my tax return?
Mail or deliver to:
Ministry of Finance
33 King Street West
PO Box 620
Oshawa ON L1H 8E9
Tax returns and payments are accepted at certain ServiceOntario locations.
Or:
File online using ONT-TAXS online – the ministry's secure and convenient online tax service available 24 hours a day, seven days a week.
How do I make payments for my Ontario Insurance Premium Tax instalments and balance of tax due?
Payments can be made using any of the following methods:
- using ONT-TAXS online at ontario.ca/finance
- in person at certain ServiceOntario locations
- by mail to 33 King St. W., P.O. Box 620, Oshawa, ON L1H 8E9
- in person at your Ontario financial institution
Payments should be in Canadian funds and be made payable to the Minister of Finance. Your Identification Number should be printed on the back of the cheque or money order.
