No to tax on insurance products: poll

Most Saskatchewan voters — 73% — oppose the government’s decision to add PST to a range of insurance products, reveals a poll conducted by Maple Leaf Strategies on behalf of Advocis.

Read: Tax on insurance premiums in Saskatchewan coming soon

Further, 77% say taxing insurance is “unfair,” and 73% say the tax will cause people to reduce or cancel insurance coverage.

“Opposition to taxing insurance crosses every demographic and political category,” says pollster Dimitri Pantazopoulos, in a release.

Also in a release, Dean Owen, Saskatchewan-based Advocis member, says “Aside from the unpopularity of this tax, it could lead to serious problems for the government if people start reducing or cancelling their insurance. If those people have an accident and are not covered for risks, they will ultimately end up at the government’s door — meaning higher costs in the end for taxpayers.”

Advocis president and CEO, Greg Pollock, says in a release, “People use insurance as a way to protect their family’s financial future in the event of an accident, illness or loss of life. They also use insurance as a way to save. Taxing savings makes no sense. It puts the financial future of families at risk.”

Read: Drop tax proposals aimed at business, urges coalition

About the poll: The telephone poll was conducted from August 3, 2017, to August 6, 2017 on behalf of Advocis. The sample size was 600 and margin of error is +/- 4%.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.