Frequently asked questions about reconciliation

Who needs to complete a reconciliation form?

  • all businesses who reported and paid premiums monthly in 2023 for an active account
  • businesses whose reporting frequency changed to monthly in 2023
  • businesses who close an account regardless of reporting frequency
  • businesses who we asked to verify their earnings information

How do I complete my reconciliation form?

Complete your reconciliation through our online services, your online banking or mail in the form by March 31 to:

P O Box 4115, Station A
Toronto ON, M5W 2V3

You must complete and submit return your reconciliation even if the reconciled difference or your total insurable earnings are zero.

Why do I need to complete my reconciliation?

Completing your reconciliation will:

  • help you confirm that you've reported the right amount in premiums
    • if you've reported too much in earnings, we'll adjust your account
    • if you've not reported enough, we'll work with you to help correct your account
  • help you verify the accuracy of the earnings used to calculate the premiums
  • give you an opportunity to provide any new information about your insurable earnings 

What records should I keep in case of a WSIB audit or review?

To verify reported annual amounts, we may review any documentation as necessary (sections 78 and 80 of the WSIA), and such documentation may include, but is not limited to:

  • ownership documentation (e.g., Corporate Minute Book, Business or Partnership Registration)
  • payroll records such as T4's, T4A's, and payroll journal(s)
  • T5 Statement of Investment Income
  • T5018, Statement of Contract Payments
  • clearances obtained for all retained contractors
  • prepared financial statements, including Statement of Business Activities or Profit and Loss Statement
  • contractors' invoices/contracts
  • sales invoices/contracts
  • purchase receipts
  • cheque registers or cash disbursement journals

Note: Submitting incomplete or inaccurate information, or failure to keep and/or produce accurate records, can result in penalties and/or prosecution.

What changes to my business do I need to report to the WSIB?

Businesses are required to notify us within 10 calendar days of a material or business ownership change.

If the name or address of your business has changed, you can update your address online

When is the 2023 annual reconciliation due?

The 2023 annual reconciliation is due March 31, 2024.

If you're completing a paper reconciliation form, we must receive your completed form and payment by the due date indicated. You may make an online payment or send a post-dated cheque to ensure that payment is received by March 31, 2024. If we don't receive the reconciliation form by the due date you'll be subject to a non-compliance charge. Learn more about late reporting and payment penalties.

If you have Schedule 1 coverage-by-application and you don't meet your payment and/or reporting obligations, we may cancel your coverage.

Use the return envelope only for:

  • the original, completed reconciliation form
  • your payment
  • the
  • , if applicable, or
  • the schedule for volunteer forces, if applicable.

How do I calculate my insurable earnings?

What are direct earnings versus common earnings?

See details on direct earnings and common earnings.

Are there late reporting and payment penalties?

Yes, depending on your circumstances, you may face any of the following:

  • Period Reconciliation Not Reported (PRNR): the we'll calculate a premium based on our records and charge one per cent of this amount, up to $1,000 each month until the reconciliation form is received
  • Late Payment Charge (LPC): issued if there is an amount owing on the account after the due date

Are debit and credit interest applied?

Yes. Generally, debit interest is applied to an account when, upon reconciliation, there is an outstanding balance due to us.

Credit interest is applied to an account when there is a credit due upon reconciliation.

Review our Employer Non-Compliance Interest and Charges policy for more information on debit and credit interest and charges. 

If I completed the paper reconciliation form, can I bring my completed reconciliation form to the financial institution with whom I bank?

No. We must receive and process the reconciliation form through the address supplied on the self-addressed envelope provided.

If I completed the paper reconciliation form, may I bring the completed reconciliation form to my local WSIB office?

No, we're no longer accepting unscheduled walk-in services at our offices. Please mail your completed paper form, along with any applicable payment, using the self-addressed envelope to:

P O Box 4115, Station A
Toronto, ON M5W 2V3
 

Why does box 14 on the reconciliation form not match the total payments I made to the WSIB for the year?

Box 14 shows total premiums reported throughout the year on all premium remittance forms submitted, not premiums actually paid. If you reported premiums for the year after the reconciliation form was printed, the premium amount in box 14 will differ from your records.

What if I owe money as a result of the reconciliation process?

If you completed the paper reconciliation form, mail your reconciliation form along with payment to:

P O Box 4115, Station A
Toronto, ON, M5W 2V3

  • clearly print your account number on the front of your cheques
  • pay separately online through your financial institution by credit card (Visa and Mastercard) or debit, or
  • pay your reconciled premiums in one simple transaction through your online banking

If you completed the online reconciliation form:

  • pay online through your financial institution, by credit card (Visa and Mastercard) or debit, or
  • pay your reconciled premiums in one simple transaction through your online banking

If Box 16 indicates I have a credit to my account, what happens?

After we verify that the information supplied is correct, the credit will be applied to your account. If your account balance is zero or already in a credit position, you may request a refund cheque by contacting us. If not, we'll apply the credit to reduce any outstanding balance.

Can I email my paper form?

Please mail your completed paper form, along with any applicable payment, using the self-addressed envelope to:

P O Box 4115, Station A
Toronto, ON M5W 2V3