The Workplace Safety and Insurance Board (“WSIB”) has announced that it will provide relief for employers' payments to the WSIB.
The financial relief package permits employers to defer the reporting and payment of premiums until August 31, 2020. This deferral is available to employers who report and pay monthly, quarterly or annually based on their insurable earnings.
Specifically, deferral is available for the following payments:
Monthly: March 31, April 30, May 31, June 30, July 31, Aug 31
Quarterly: April 30, July 31
This applies to Schedule 2 employers, too, which includes publicly funded organizations (municipalities, hospitals, school boards), self-funded organizations that are legislated by the province, as well as businesses who are involved in federally regulated industries. All payment obligations for Schedule 2 employers will be deferred until August 31, 2020.
There will be no accrual of interest on outstanding premium payments for Schedule 1 employers, nor will any penalties be charged during this six-month deferral period. Schedule 2 account balances will not accrue debit interest as part of the relief package. Participation in the financial relief package is not mandatory, and employers can continue to report and pay on a monthly, quarterly or annual basis.
Employers can also report now and defer payment until later.