Canada Guaranty Mortgage Insurance Benefits

Archive for June, 2017

LENDER UPDATE: Mortgage Default Insurance Premiums Subject to 6% PST in Saskatchewan | Effective August 1, 2017

LENDER UPDATE
Mortgage Default Insurance Premiums Subject to 6% PST in Saskatchewan | Effective August 1, 2017


Effective August 1, 2017, Saskatchewan’s applicable 6% Provincial Sales Tax (PST) will include premiums for mortgage default insurance on properties located within Saskatchewan. We are pleased to advise that our system has been updated to ensure applications reflect this change, as follows:

  • Applications submitted with closing dates on or after August 1, 2017 will have the 6% PST automatically calculated.
  • We ask that any Canada Guaranty-approved applications received prior to this update, with closing dates on or after August 1, 2017, please be resubmitted to ensure you receive an amended certificate that reflects the Saskatchewan PST and new total insurance cost.
  • The Saskatchewan tax will be calculated as follows:
    Mortgage default insurance premium x Saskatchewan 6% PST = PST Amount

Should you have any questions regarding this policy, please do not hesitate to contact your dedicated Account Executive or speak with a member of our National Underwriting Team at 1.877.244.8422.


Mary Putnam AMP
Vice President, Sales and Marketing
Canada Guaranty Mortgage Insurance Company

Telephone 416.640.8936 
Toll Free 866.414.9109 ext. 8936 
E-mail mary.putnam@canadaguaranty.ca

Copyright © 2010 - 2017 Canada Guaranty Mortgage Insurance Company. All Rights Reserved. All mortgage insurance is underwritten by Canada Guaranty Mortgage Insurance Company.

Terms of Use | Privacy Policy | Portfolio Metrics