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Canada: Sales tax relief, property insurance contracts in Manitoba (COVID-19)

Canada: Sales tax relief, property insurance contracts

Manitoba will eliminate its 7% retail sales tax (RST) on certain residential and commercial property insurance contracts, effective 1 July 2020. This is tax relief being provided in response to the coronavirus (COVID-19) pandemic.

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This new exemption will only apply to new or renewed insurance contracts that come into effect after 30 June 2020. Accordingly, insurers and brokers must adjust their systems to reflect this change, and will have to work to identify which contracts will be exempt from RST and which will continue to be RST taxable after June 30, 2020.

The province recently announced this change as part of its relief plan in response to COVID-19.

Read an April 2020 report prepared by the KPMG member firm in Canada

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