By Workplace Safety and Insurance Board
WSIB updates financial relief packageFinancials canada contractor covid-19 financial relief update wsib
To continue to help reduce the financial burden on businesses during the COVID-19 pandemic, the Workplace Safety and Insurance Board has announced any repayment of deferred WSIB premiums will not begin before January 2021.
More information on the repayment schedule for deferred amounts, along with 2021 premium rate information, will be provided in the fall.
Any employer participating in the financial relief package will have to report deferred amounts by October 31, 2020. Regular monthly and quarterly reporting and payment schedules will resume in September 2020 for all businesses.
How it works
Each business reports and pays on the previous full month or quarter, for example March 31 reporting and payment obligation covers the period of February 1-29. The following payments are eligible for deferral:
- Monthly: March 31, April 30, May 31, June 30, July 31, Aug 31
- Quarterly: April 30, July 31
- Annual: April 30
The relief package also applies to Schedule 2 organizations – publicly funded organizations (municipalities, hospitals, school boards), and other businesses who are involved in federally regulated industries. All payment obligations (weekly and monthly) for Schedule 2 businesses will be deferred until August, 31, 2020.
No interest will accrue on outstanding premium payments for Schedule 1 businesses and no penalties will be charged during this six-month deferral period. Schedule 2 account balances will not accrue debit interest as part of the financial relief package.
Also, we have determined that costs associated with COVID-19 related claims will not be allocated at an employer or class level. Instead, they will be allocated on a Schedule-wide basis and there will be no change in premium rates for 2020.
Reporting: Schedule 1 businesses are encouraged to start reporting deferred amounts now, ahead of the October 31 due date. You can report deferred premiums by:
- using our online services
- emailing us at email@example.com with each outstanding period clearly defined. For example: August 2020 – payroll = $100, premiums = $10
- complete the premium remittance form for the corresponding reporting period and mail to P.O. Box 4115 Station A Toronto M5W 2V3
Regular monthly and quarterly reporting and payment schedules will resume in September 2020 for all businesses.
Payment: Repayment of deferred WSIB premiums, claim payments and administrative fees between March to August 2020, will not be due before January 2021 for all Schedule 1 and 2 businesses. Businesses may choose to start making deferred payments prior to January 2021. We will provide more information on the repayment schedule for deferred amounts, along with 2021 premium rate information, in the fall.
We recognize that some businesses may require longer repayment terms due to the ongoing pandemic. If you require additional support once the repayment period has started, please contact us and we will be happy to work with you.
Beginning September 1, 2020, all upcoming payment obligations will be due on the normal payment cycle for all businesses, as outlined on your statements or invoices.