Canadian Life and Health Insurance Facts, 2022 Edition

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Page 25 of 29

25 Canadian Life & Health Insurance Facts // 2022 Edition Insurers' tax contributions Canadian life and health insurers contributed over $8.4 billion in taxes In 2021, insurance companies' contributions to Canada's tax base included $2.6 billion paid to the federal government and $5.8 billion paid to provincial/territorial governments. Of the total, $4.3 billion was borne directly by insurers, and $4.1 billion was collected and paid as provincial sales taxes on life and health insurance and as employees' share of payroll taxes. Distribution of total tax contributions Taxes borne: $ 4.3B Corporate income tax & federal capital tax: $1.3B Provincial premium tax: $1.7B Payroll & other taxes borne: $1.3B Taxes borne are taxes paid by insurers directly to governments. $ 8.4B 2021 total tax contributions Taxes collected: $ 4.1B Federal payroll taxes collected: $1.3B Provincial retail sales tax on premiums: $2.8B Taxes collected are taxes that insurers collected from customers and employees and paid to governments on their behalf. International operations Canadian life and health insurers are trusted at home and around the globe Canada's insurers provide coverage and services to 70 million people in over 20 jurisdictions. In fact, three of Canada's life and health insurers rank among the top 15 largest in the world. 20 countries & territories 70 million people protected outside of Canada 278,000 people employed outside of Canada Source of premiums

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