🧾 CRA Form B243 – Tax on Insurance Premiums Return – Insured

Form B243 is the official Canada Revenue Agency return used by insured individuals or businesses to report and remit the excise tax on insurance premiums under the Excise Tax Act. You file this form when you are identified as an insured party who must pay tax on certain insurance premiums.

📥 Download the B243 Form

You must download the official CRA forms and open them with Adobe Acrobat Reader (10 or later):

Save the PDF locally before filling it out to ensure full functionality.

📌 What Is the Tax on Insurance Premiums?

The excise tax on insurance premiums is a levy applied at a rate of 10 % of net insurance premiums for taxable contracts. If you are identified by your insurer or broker as the insured under such contracts, you must file this return and remit the tax to the CRA by the annual deadline (typically April 30 for the preceding calendar year).

🧑‍💼 Who Must File?

  • You received Form B243 from the CRA as an insured party;
  • You purchased or renewed an insurance contract subject to the tax and were not reported by an insurer or broker;
  • The contract is a taxable insurance contract under Part I of the Excise Tax Act (for example, life or property insurance premiums).

If your insurance is exempt (for example, certain personal accident or sickness insurance), you may not need to file — see exemptions in the Excise Tax Act.

📅 Filing Deadlines and Requirements

Form B243 is generally due annually by April 30 of the year following the calendar year in which the taxable insurance premiums were paid or payable. Include accurate details of premiums and calculate the amount of excise tax due.

📍 How to Complete and File

  1. Download and open the fillable PDF form locally on your device with Acrobat Reader.
  2. Complete all required fields, including insured details, premium amounts, and tax calculations.
  3. Sign and date the form, and attach any required supporting documents.
  4. Submit by mail or through CRA My Business Account, or follow any alternative electronic options outlined by CRA.

📌 Tips for Accurate Filing

  • Check whether your insurer or broker has already reported the contracts to CRA; if so, ensure you match the information with your return.
  • Keep records of premiums paid, policy numbers and correspondence for at least six years in case CRA requests verification.
  • If you believe your contract is exempt or incorrectly subject to tax, consult the CRA or a tax professional.

🔗 Related Official Resources