On March 26, 2020, the Workplace Safety and Insurance Board ("WSIB") announced that it would allow both Schedule 1 and Schedule 2 employers to defer premium reporting and payments until August 31, 2020 by way of a financial relief package.
Who is Eligible for the Deferral?
While optional, all Schedule 1 and Schedule 2 employers are automatically eligible to participate in the financial relief package. Employers do not need to apply to the WSIB or take any other specific steps to be eligible.
However, at their discretion, employers may:
i) Continue to report insurable earnings and make payments to the WSIB as usual;
ii) Continue to report insurable earnings to the WSIB as usual, but defer making payments until after August 31, 2020; or
iii) Defer both reporting insurable earnings and making payments until after August 31, 2020.
Specifically, for Schedule 1 employers, no interest will accrue on outstanding premium payments. For Schedule 2 employers, account balances will not accrue debit interest.
As of now, the WSIB is still determining how it will approach the repayment of any deferred payments and has indicated that it will continue to assess the financial impact of the COVID-19 situation on Ontario businesses.
Future Updates
Filion Wakely Thorup Angeletti LLP continues to closely monitor the developments surrounding the COVID-19 outbreak and will provide additional updates as new information becomes available.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.