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Frequently asked questions about reconciliation



Who needs to complete a reconciliation form?

  • All employers who were required to report and pay premiums monthly for an account that was active at the end of 2017
  • Employers whose reporting frequency changes to monthly
  • Employers who close an account regardless of reporting frequency
  • Employers who are asked by the WSIB to verify their earnings information

construction helmetConstruction industry employers who must complete the form are:

  • Independent operators
  • Sole proprietorships with workers
  • Partnerships with or without workers
  • Corporations with workers and one or more executive officers and corporations without workers and more than one executive officer

Why do I need to complete a reconciliation form?

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 

What do I need to do to complete a reconciliation form?

  • Follow the steps outlined in the reconciliation form guide to complete the form.
  • Mail in the form by March 31, 2018 to:

P O Box 4115, Station A
Toronto ON, M5W 2V3

You must complete and return the reconciliation form even if the reconciled difference or your total insurable earnings are zero.

What records should I keep in case of a WSIB audit or review?

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.

What changes to my business do I need to report to the WSIB?

Employers are required to notify the WSIB within 10 calendar days of a material/
business change in circumstances. Let us know if any of the following 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
construction helmet
 

 


 

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.

How do I calculate my insurable earnings?

What are direct earnings versus common earnings?

See details on direct earnings and common earnings.

What is the due date for the 2017 reconciliation form?

The 2017 reconciliation form is due March 31, 2018.

Are there late reporting and payment penalties?

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

Are debit and credit interest applied?

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, there is a credit due to the employer upon reconciliation.

For more information on debit and credit interest and charges see 14-02-07, Employer Non-Compliance Interest and Charges.

What should I do if I have lost/misplaced my reconciliation form?

Print a working copy (PDF). To obtain the correct figure for box 5 and box 14 you can:

  • Use our ePremium Service.
  • Contact a WSIB account representative

May I bring my completed reconciliation form to the financial institution I bank with?

No. The WSIB must receive and process the reconciliation form through the address supplied on the self-addressed envelope provided.

May I bring the completed reconciliation form to my local WSIB office?

Yes. You may also make your payment by debit or cheque at the local WSIB office.

Why does box 14 on the reconciliation form not match the total payments I made to the WSIB for the year?

Box 14 shows total premiums reported throughout the year on all premium remittance forms submitted, not premiums actually paid. If you reported premiums for the year after the reconciliation form was printed, the premium amount in box 14 will differ from your records.

What if I owe money as a result of the reconciliation process?

Mail your reconciliation form along with payment to:
P O Box 4115, Station A
Toronto, ON, M5W 2V3

  • Clearly print your account number on the front of your cheque.
  • Mail your reconciliation form to the PO Box above and pay separately online through your financial institution, by  credit card (Visa and MasterCard) or debit  (Interac Online).

Once I complete the reconciliation form and Box 16 indicates I have a credit to my account, what happens?

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.

Can I e-mail or fax in my form?

Please return your completed form by mail, along with any applicable payment, using the self-addressed envelope to:
P O Box 4115, Station A
Toronto, ON M5W 2V3

See additional information on returning the reconciliation form.

Can I complete the reconciliation form online?

Unfortunately, not at this time. Please complete the hard copy form that was mailed to you. If the form has been misplaced, print a working copy (PDF). To obtain the correct figure for box 5 and box 14 you can:

  • Use our ePremium Service if you report online.
  • Contact a WSIB account representative




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