Insurance Premium Tax 2021

Free Ontario calculator of insurance premieum tax in 2021

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$