Completing the Reconciliation Form will:
- Help you to confirm that you have reported the right amount in premiums
- If you have reported too much in earnings, we will adjust your account
- If you have not reported enough, we will work with you to help correct your account
- Help you to verify the accuracy of the earnings used to calculate the premiums
- Give you an opportunity to provide any new information about your insurable earnings
To verify reported annual amounts, the WSIB may review any documentation as necessary (sections 78 and 80 of the WSIA), and such documentation may include, but is not limited to:
- Ownership documentation (e.g., Corporate Minute Book, Business or Partnership Registration)
- Payroll records, such as T4's, T4A's, and payroll journal(s)
- T5 Statement of Investment Income
- T5018, Statement of Contract Payments
- Clearances obtained for all retained contractors
- Prepared financial statements, including Statement of Business Activities or Profit and Loss Statement
- Contractors' invoices/contracts
- Sales invoices/contracts
- Purchase receipts
- Cheque registers or cash disbursement journals
Note: Submitting incomplete or inaccurate information, or failure to keep and/or produce accurate records, can result in penalties and/or prosecution.
Employers are required to notify the WSIB within 10 calendar days of a material/
business change in circumstances.
You will need to let us know immediately if any of the following "material/business changes" occur, as this may affect your WSIB legislative obligations:
- Changes to the ownership of a company (e.g. mergers, amalgamations)
- You dispose of all or part of your business
- Legal and/or business/trade name changes
- Addresses (work and branch locations)
- Business Activity (classification) changes
- Insurable Earnings (e.g. amended T4s or T4 Summaries, other earnings, worker/
independent operator status changes)
- Proof of earnings changes if you have optional insurance
- Closure of business (or divisions or branches), dissolution, bankruptcy or receivership
- The type of construction work you do has changed and your company is no longer eligible for an exemption under Bill 119 - Mandatory Coverage in Construction.
Change of Name or Address: Fill out the form on the flap attached to the return envelope provided with the Premium Remittance Form, the Reconciliation Form, or the Statement of Account, otherwise please contact a WSIB account representative.
The 2015 Reconciliation Form is due March 31, 2016.
Yes, depending on your circumstances, you may face any of the following:
- Period Reconciliation Not Reported (PRNR): WSIB will calculate a premium based on our records and charge 1% of this amount, up to $1000 each month until the Reconciliation form is received
- Late Payment Charge (LPC): LPC is issued if there is an amount owing on the account after the due date
Yes. Generally, debit interest is applied to an account when, upon reconciliation, there is an outstanding balance due to the WSIB. Credit interest is applied to an account when, upon reconciliation, there is a credit due to the employer.
Print a working copy. To obtain the correct figure for box 5 and box 14 you can:
- Contact a WSIB account representative
- Use our ePremium Service if you report online.
No. The WSIB must receive and process the Reconciliation Form.
Yes. You may also make your payment by debit or cheque at the local WSIB office.
Box 14 represents the sum of premiums reported – not paid – to the WSIB within the reconciliation period, as at the date the form was printed. Not all payments made to the WSIB throughout the year necessarily correspond to premiums reported. For details, contact a WSIB account representative.
There are several ways to make your payment and file your Reconciliation Form:
- Mail your Reconciliation Form with a cheque to the PO Box on the Form
- Mail your Reconciliation Form to the PO Box on the form and pay separately through our online service (available through your financial institution). With ePayment you can pay using Interac Online, and MasterCard.
After we verify that the information supplied is correct, the credit will be applied to your account balance. If your account balance is zero or already in a credit position, you may request a refund cheque by contacting a WSIB account representative. If not, the credit will be applied to reduce any outstanding balance.