Insurance companies must soon issue refunds of Saskatchewan provincial sales tax (PST) to affected policyholders.
In new guidance, the province provides details for insurance providers to issue refunds or credits for PST collected on certain life and health insurance products since August 1, 2017. These refunds or credits are expected to be issued by June 30, 2018 in most cases. Earlier this year, Saskatchewan announced it will exempt these products from PST, retroactive to August 1, 2017.
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