Answers to common questions for excise tax on insurance premiums accounts

1. When is the Excise Tax on Insurance Premiums returns due?

All brokers and agents who place or help place taxable contracts of insurance have to report the details of those contracts to the Canada Revenue Agency (CRA). If your broker or insurer identifies you as the insured person, you will receive Form B243, Excise Tax Return - Insured, which you have to file with the CRA. For each contract of insurance subject to tax, the CRA has to receive your return and payment on or before April 30.  

Go to X7-1, Special Levies - Insurance Premiums to read published memoranda about Part I of the Excise Tax Act.

2. Can I request a refund online of the excise tax on insurance premiums that I paid?

Yes, a business filer can request a refund through My Business Account.

3. How do I request direct deposit?

The quickest and easiest way to enter or update direct deposit information with the Canada Revenue Agency (CRA) is through My Business Account.

Select “Direct deposit” located under “Manage” in the navigation menu on the My Business Account welcome page to update your direct deposit information today.

For information about other ways to request direct deposit, go to Direct deposit.