ALL ABOUT WSIB
WHAT IS WSIB:
The Workplace Safety and Insurance Board (WSIB) is an independent provincial agency which provides compensation and insurance for Ontario workplaces.
WHO NEEDS TO REGISTER WITH WSIB:
You need to register with WSIB if you are in/have following businesses:
construction business
restaurant or bar
sales and services, agriculture or manufacturing business
trucking or transportation business
homeowner or private hiring a domestic employee, babysitter, nanny, cook, gardener, housekeeper etc.
You do NOT need to register with WSIB if you are in/have following businesses:
bank, trust and insurance company
trade unions
private day care
travel agency
photography business
barber shop and hair salons (some exceptions)
funeral or embalming establishment
Even though you do not need to register with WSIB, you can choose to apply for optional insurance which gives same benefits and protections.
WHAT INFORMATION YOU NEED TO REGISTER WITH WSIB:
Company Information
legal name of company
business Number
mailing, email and website addresses
phone and fax numbers
bank name
description of your business activity
payroll Information for any other business activities you maintain
names and addresses of any associated employers/contractors, plus their WSIB account numbers, if possible
Owner/Executives Details:
names, addresses, birthdates
official titles of directors or owners of the company
proof of earnings
Employees Information:
number of employees
earning information
date of first employee was hired
REPORTING and PAYMENT FREQUENCY:
If your annual insurable earnings are less than $300,000, you may prefer to report and make a payment either monthly, quarterly or annually
If your annual insurable earnings are $300,000 or more you MUST be enrolled monthly schedule
PREMIUMS and PAYMENT:
WSIB premium rates are based on two (2) things;
the size of your payroll
the health and safety risk for your type of business
WHAT IS THE CLEARANCE CERTIFICATES:
A clearance is a number which issued by WSIB. It indicates that a business, contractor or subcontractor is registered with WSIB and has an account in good standing which means all reports and payments of their premiums on time.
If you are new registered employers with WSIB, you need to make an initial advance payment of $250. This advance payment will apply to your WSIB account as a credit and will be adjust with your future premiums.
WHAT CHANGES YOU SHOULD LET WSIB KNOW:
It is important that you should let know any following changes to WSIB within 10 calendar days.
ownership
legal, trade or business name
address and phone number
the type of work your business does
stop employing all of your employees, or your business closes
Contact us: If you have any questions or inquiries regarding Payroll Account, you can contact us at 647-861-2099 or send email to info@globalabcservices.com
