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Wednesday, May 29, 2024

The Workplace Safety and Insurance Board’s Modification

WSIB Modifying How Often Employers Report & Pay Premiums

The Workplace Safety and Insurance Board (WSIB) has recently revised billing options for employers. Under the previous system, employers reported and paid premiums on either an annual, quarterly, or monthly basis based on the company’s insurable earnings. Companies with insurable earnings of less than $20,000 paid annually, those with $20,000 – $299, 999 paid quarterly, while those with insurable earnings above $300,000 pay monthly. Under this system, many of those who were required to pay quarterly (insurable earning between $20,000 and $299,000) often reported the process to be too frequent and burdensome.

Now employers with annual insurable earnings less than $300,000 can select to report and pay annually, quarterly or monthly.  Those with insurable earnings of over $300,000 will still need to be enrolled in the monthly schedule.

Employers selecting annual billing will estimate insurable earnings and pay corresponding premiums in one transaction, occurring in April each year.  With annual billing, businesses may find it easier to get a clearance certificate because their account is already paid and up-to-date for the year.

If you have any question about this new payment schedule, you can contact Jonathan Blackham at jonathan.blackham@ontruck.org