Ontario Construction News staff writer
The Workplace Safety and Insurance Board (WSIB) says it is delaying repayment requirements for deferred WISB premiums as part of the COVID-19 pandemic financial relief package until next January.
“Our financial relief package remains available to Ontario businesses until Aug. 31, 2020—allowing businesses to defer premium reporting and payments between March to August interest-free and without penalty,” a WSIB spokesperson said in a statement. “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.
“We will provide more information on the repayment schedule for deferred amounts, along with 2021 premium rate information, in the fall. In the meantime, you can find more information about the latest updates to the WSIB financial relief package, along with details about reporting and payments, on our website – https://www.wsib.ca/en/financialrelief.”
The WSIB also says no interest or penalties will be charged during this six-month deferral period.
“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.,” the WSIB says.
“We recognize that some businesses may require longer repayment terms due to the ongoing pandemic,” WSIB says. “If you require additional support once the repayment period has started, please contact us and we will be happy to work with you.”