Frank Swedlove, president of the Canadian
Life and Health Insurance Association (CLHIA) has criticised a new
tax on life, health and disability insurance affecting consumers in
the Canadian province of Manitoba.
The proposed Retail
Sales Tax of 7% would apply to premiums associated with disability,
critical illness and accidental death and dismemberment for both
group and individual insurance policies, as well as for all forms
of group creditor insurance and a significant number of individual
life insurance policies.
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Frank Swedlove,
President of the CLHIA, said: “This is not good public
policy. It will increase the cost to Manitoba businesses, and
more importantly, to families trying to protect themselves in the
event of disability. Adding [a] sales tax will put them at
greater financial risk.”
“Discouraging Manitobans
from protecting their families and businesses may ultimately add to
the province’s fiscal burden rather than generating positive net
revenue.”
Swedlove said: “This is
a major expansion of the tax on consumers from what was announced
on Budget Day,” as well as noting that the bill will not be
submitted for a formal review by a thereby preventing Manitobans
and their employers from communicating their concerns to the
government.
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