Ontario Providing Financial Relief to EmployersPublished on October 08, 2021
We know shopkeepers and merchants in Newmarket, Aurora and on Main Streets across Ontario need help. That is why the government is taking action by modernizing the WSIB to support these employers and protect local jobs.
The Workplace Safety and Insurance Board (WSIB) is cutting premium rates for 2022 by 5%, saving businesses $168 million. With this latest reduction, premium rates have now been reduced by over 50% since 2018, giving over $2.4 billion back to shopkeepers and merchants so they can reinvest in their businesses to create new jobs, pay their workers more and invest in health and safety.
Injured workers will also continue to receive the benefits and services they deserve. Complementing this rate reduction, our government intends to introduce legislation that, if passed, would allow excess funds to be returned to employers. The WSIB currently has $6.1 billion in reserves.
New legislation intended to be introduced later in the fall would, if passed, require the WSIB to return excess funds to employers once the Board’s surplus reaches 125 per cent, with the option to do so earlier. Currently, the WSIB is not permitted to distribute surpluses to employers. Our proposed legislation would also allow the WSIB to partner with the Canada Revenue Agency, giving businesses a one-window for submitting payroll deductions.