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Insurance Premium Tax Act, R.S.B.C. 1996, c. 232

The Act provides for the assessment and collection of taxes on income from insurance businesses in the province. Section 21 creates a lien and charge for unpaid taxes effective December 31 of the year for which the tax is imposed.

  • Nature of Interest: Lien and charge in favour of the government on the entire assets or estate of the taxpayer.
  • Effect of Interest: Lien and charge, whether registered or not, has priority over other claims except those secured by liens, charges, or encumbrances registered before the effective date.
  • Procedure for Enforcement: The commissioner may file the certificate in the Supreme Court indicating the amount unpaid, including interest or penalties.
  • Effect of Filing: Certificate, once filed, has the same force and effect as a judgment of the court for the recovery of debt.
  • Electronic Submissions: The Minister of Finance submits a Crown lien application, which includes the certificate, pursuant to director’s directions issued pursuant to s. 168.22(3) of the Land Title Act.