WSIB moves repayment schedule for COVID-19 deferrals to January

Ontario’s Workplace Safety and Insurance Board’s (WSIB) has announced the repayment schedule of deferred premiums offered as part of its COVID-19 financial relief package to commence in January 2021.

The financial relief package remains available to Ontario businesses until August 31, 2020, allowing businesses to defer premium reporting and payments between March to August interest-free and without penalty.

Businesses that report and pay monthly, quarterly or annual based on their insurable earnings are eligible for the deferral.

Any employer participating in the financial relief package will have to report deferred amounts by October 31, 2020. Regular monthly and quarterly reporting and payment schedules will resume in September 2020 for all businesses.

The WSIB will provide more information on the repayment schedule for deferred amounts, along with 2021 premium rate information, in the fall.

Find more information about the latest updates to the WSIB financial relief package, along with details about reporting and payments, on the WSIB website.