Workers Safety and Insurance Board WSIB

The Workers' Safety and Insurance Board (WSIB) is an independent agency of the Ontario government in Canada. It was created to provide a no-fault insurance program that helps protect Ontario workers and employers in case of work-related injuries, illnesses or fatalities.

The WSIB provides a range of services including workplace safety education, claims adjudication, and insurance coverage for injured workers. It also provides financial benefits and support to workers who have been injured or become ill as a result of their work, including wage loss benefits, medical and rehabilitation benefits, and survivor benefits in case of death.

All employers in Ontario are required to have WSIB coverage for their employees. The WSIB is funded by employer premiums and investment income and operates on a not-for-profit basis.

Once an employer is registered for WSIB, they need to file monthly/quarterly returns with WSIB. The return can be filed online or by phone. Every employer is assigned a WSIB premium rate based on the nature of their business. The employer reports the gross wages for the reporting period and calculates the premium payable to WSIB. Usually, the Owner/shareholder/directors/CEO is not covered by the WSIB, and the employer need not pay the premium on their wages.

The employer is also responsible for reporting an injury to their employee immediately to the WSIB.

WSIB also provides guidance, help, and support to the employer in setting up best practices to avoid any injuries. WSIB also provides training and education to both employees and employers to avoid injuries.

Overall, the WSIB is a key component of Ontario's occupational health and safety system, aimed at promoting safe and healthy workplaces while providing support to workers and employers in the event of work-related injuries or illnesses.

Bookkeeping tailor helps in filing the WSIB returns on a timely basis.