Calculators

Free Ontario calculator of insurance premieum tax in 2021

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Formula to calculate tax on insurance premium

The formula is simple to calculate tax. Here we have written an example of how to calculate tax.

Amount of the premium x (Tax rate/100) = Amount of the tax
Amount of the premium + Amount of the tax = Amount with tax

Calculation Example

As an example, let us assume a life or health insurance premium (8% tax) of $600

600$ x (8/100) = 48$
600$ + 48$ = 648$

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