No GST Refund for Prepaid Insurance, Despite Tax Cut

The government is getting rid of the tax (GST) on life and health insurance starting September 22, 2025.

If you bought insurance and paid the tax before that date, you won't get the tax money back.

This is because the tax money was already given to the government.

However, if your payments are due on or after September 22, you won't have to pay the tax.

Some insurance companies are letting people start new policies on that date to avoid paying the tax.

If you just bought insurance, you can cancel it in the first few weeks to get a refund.