Manitoba Amends its Decision to Tax Critical Illness Insurance and Disability Insurance Following Industry Consultation

TORONTO, June 15, 2012 /CNW/ - Advocis, The Financial Advisors Association of Canada, commends the Manitoba government's decision yesterday to amend Bill 39 to exempt individual critical illness insurance (CI) and disability insurance (DI) from the retail sales tax (RST) that is being imposed on a variety of insurance premiums.

"This is excellent news for individuals and small businesses in Manitoba. It will encourage Manitobans to continue to financially protect their families and businesses from health risks without sacrificing coverage," said Greg Pollock, president and CEO of Advocis.

In May, Advocis joined other industry stakeholders in engaging the Government of Manitoba following the 2012 budget announcement that the seven per cent RST would be imposed on insurance premiums.

About Advocis

Advocis, The Financial Advisors Association of Canada, is the association of choice for financial advisors and planners. With more than 11,000 members across the country, Advocis is the definitive voice of the profession, advocating for professionalism and consumer protection.  Professional financial advisors and planners are critical to the economy, helping consumers make sound financial decisions that ultimately lead to greater financial stability and independence.  Advocis works with decision-makers and the public, stressing the value of financial advice and striving for an environment in which all Canadians have access to the advice they need.

 

Kristin Doucet, Director of Communications [phone] / 1-800-563-5822, ext. 9896