Insurers — Don’t Miss GST Deadline for Reinsurance | KPMG | GLOBAL

Insurers — Don’t Miss GST Deadline for Reinsurance

Insurers — Don’t Miss GST Deadline for Reinsurance

Insurers only have a short time to recover GST/HST paid related to cross-border reinsurance with affiliates.

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Under changes to the GST/HST self-assessment rules for certain cross-border charges from related parties, the “margin for risk transfer” and “ceding commissions” related to imported reinsurance services, are no longer part of “loading” and “qualifying consideration” for GST/HST purposes. Financial institutions are no longer required to self-assess on these two specific components of imported reinsurance services. Qualifying taxpayers can request in writing that the CRA reassess previously self-assessed GST/HST. The request must be made before June 22, 2017.

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