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PST on CMHC Premiums

We have all heard about a new addition to 6% PST charges on insurance but many have not been aware that will also apply to Mortgage loan insurance premiums. Currently, CMHC, Genworth and Canada Guaranty Insurance Premiums fees are charged and the cost is put into your mortgage, but this new PST tax charge will need to be paid as part of your closing costs.

The Saskatchewan PST will be payable on premiums paid for all mortgage loan insurance transactions. The provincial sales tax cannot be added to the loan amount.

What does this mean for YOUR Mortgage?

The PST on the Insurance Premium will be the responsibility of the client to pay.



Purchase $350,000.00

Minimum 5% downpayment $17,500.00 =$332,500.00

+CMHC premium $13,300.00 (4% surcharge/minimum 5% down)

=Total mortgage $345,800.00


*TOTAL PST required at lawyers office payable=$798.00 (6% of the CMHC premium)

If your home purchase deposit exceeds 20% and you are not needing mortgage loan insurance this PST charge will not apply to you.  Only purchasers who are using the mortgage insurance guarantee.


Buying a home should be an exciting experience that you are prepared for with NO stress. As your trusted Real Estate Broker I am here to walk you through all of the important steps & provide you all of the information you need to make the most important purchase, your home. I can assist you with your home, cottage, a home for a family member or a rental property.  Ensure you are getting exactly the service you want and deserve by calling me today.

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