This guide is NOT for Account Closures for Individuals and Companies Carrying on Business in Construction in 2013.
The WSIB sets an annual maximum for insurable earnings. For 2012, the annual maximum was $81,700. For 2013, the annual maximum is $83,200.
Forms
Due dates
Non-compliance/interest & charges
Reconciliation
Monthly reporting frequency
March 31
Period Reconciliation Not Reported (PRNR): WSIB will calculate a premium based on our records and charge 1% of this amount, up to $1,000 each month until the Reconciliation Form is received
Debit/Credit Interest: interest charged or applied on a reconciled difference upon reconciliation. Various quarterly interest rates apply during the period for which interest is calculated
Late payment charge if amount owing
Quarterly/Annual reporting frequency
Period Reconciliation Not Reported (PRNR): For annual or quarterly employers only, the WSIB will calculate a premium based on our records and charge 1% of this amount, up to $1,000 each month until the outstanding Premium Remittance Form for the prior year reporting period is received
Debit/Credit Interest: interest charged or applied on a reconciled difference upon reconciliation. Various quarterly interest rates apply during the period for which interest is calculated
Late payment charge if amount owing
Premium Remittance
Monthly reporting frequency
End of the following month (e.g. for January, the last day of February)
Premium not reported (PNR): WSIB will calculate a premium based on our records and charge 5% of this amount
Late payment charge if amount owing
Quarterly reporting frequency
End of the month following the end of the quarter (e.g. for first quarter, April 30)
Annual reporting frequency
April 30
Statement of account
All reporting frequencies
Issued monthly
unless there is no balance owing
For debit balances, WSIB charges a late payment charge for each month the account is in arrears
For credit balances, WSIB applies interest using the applicable interest rate for the month if the credit balance appears at both the start and end of the month
Interest on the reconciled difference
If the reconciled difference is an amount due to the WSIB, you will be charged interest on this amount at the Bank of Canada rate, plus 6%.
If the reconciled difference is a credit to the account, the WSIB will apply interest on this amount at the Bank of Canada rate.
