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[LENDER UPDATE] Manitoba Provincial Sales Tax Reduced to 7% (from 8%)

LENDER UPDATE
Manitoba Provincial Sales Tax Reduced to 7% (from 8%)
Applicable to Mortgage Default Insurance Premiums | Effective July 1, 2019
(Download Update)


On March 7, 2019, as part of the 2019-20 budget, the Manitoba government announced that the provincial sales tax (PST) would be reduced to 7%. Effective July 1, 2019, the reduced PST will apply to premiums for mortgage default insurance on properties located within Manitoba.

In response to this change, Canada Guaranty is pleased to advise that our adjudication system will be updated by April 30, as follows:

  • Applications with closing dates prior to July 1, 2019 will be taxed at 8%.
  • Applications submitted to Canada Guaranty with closing dates on or after July 1, 2019 will be subject to the new 7% PST.
  • The Manitoba tax is calculated as follows: Mortgage Default Insurance Premium Amount ($) x 7% Manitoba PST = PST Amount ($)

Should you have any questions regarding this change, please do not hesitate to contact a member of our National Sales Team.

Darren Kirk
Vice President, Regional Sales
1.866.414.9109 ext. 7003
Darren.Kirk@canadaguaranty.ca

Liz Sanchez
Director, National Accounts
1.866.414.9109 ext. 7070
Liz.Sanchez@canadaguaranty.ca

David Napoleone
Director, National Accounts
1.866.414.9109 ext. 7086
David.Napoleone@canadaguaranty.ca



Mary Putnam
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

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