COVID-19 – Update – WSIB Financial Relief Package Available

The Workplace Safety and Insurance Board ("WSIB") has announced a financial relief package worth up to $1.9 billion to assist businesses during COVID-19. The financial relief package allows businesses to defer premium reporting and payments until August 31, 2020. Businesses who report and pay monthly, quarterly or annually based on their insurable earnings may defer reporting and payments. No interest will accrue on outstanding premium payments for Schedule 1 businesses. Schedule 1 businesses are those businesses that are required by law to pay premiums to WSIB and are not individually responsible for actual claim costs (i.e., collective liability applies). No penalties will be charged against Schedule 1 businesses either.