2 2
In 2018, insurance companies' contributions to Canada's tax base included
$2.6 billion and $5.4 billion paid to the federal and provincial governments
respectively. Of this $4.3 billion was borne directly by insurers. A further
$3.7 billion was collected and paid as provincial sales taxes on life and
health insurance and as employees' share of payroll taxes.
Over half
of total tax
contributions
are premium-
based taxes*
Industry's tax contributions
$
8B
industry's total
tax contribution
$
1.5B
corporate
income and
capital taxes
$
1.2B
payroll and
other taxes
$
1.6B
insurance
premium
taxes
The industry's 2018 total tax contribution to all levels of government
in Canada was nearly twice its share of Canada's GDP.
$
3.7B
retail sales tax
on premiums
and payroll taxes
collected
Taxes borne Taxes collected Total tax
contribution
$
6B
$
3B
$
1.5B
$
4.5B
Federal
Provincial
Canadian life and health insurers contributed
over $8 billion in taxes
