Canadian Life and Health Insurance Facts - 2020

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23 Canadian Life & Health Insurance Facts // 2020 Edition The industry's tax contributions $ 2.7B + $ 5.6B $ 8.3B Taxes borne are taxes paid by insurers directly to governments. Taxes borne: $ 4.4B Corporate income tax & federal capital tax: $1.5B Provincial premium tax: $1.6B Payroll & other taxes borne: $1.3B $ 8.3B 2019 total tax contributions The industry's 2019 total tax contribution to all levels of government in Canada was nearly twice its share of Canada's GDP. >50% of total tax contributions are premium-based taxes* Taxes collected are taxes that insurers collected from customers and employees and paid to governments on their behalf. Taxes collected: $ 3.9B Federal payroll taxes collected: $1.3B Provincial retail sales tax on premiums: $2.6B Federal taxes Total taxes Provincial/territorial taxes In 2019, insurance companies' contributions to Canada's tax base included $2.7 billion paid to the federal government and $5.6 billion paid to provincial/territorial governments. Of the total, $4.4 billion was borne directly by insurers, and $3.9 billion was collected and paid as provincial sales taxes on life and health insurance and as employees' share of payroll taxes. Canadian life and health insurers contributed almost $ 8.3 billion in taxes Distribution of total tax contributions

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