Who needs to complete a reconciliation form?
- All businesses who reported and paid premiums monthly in 2018 for an active account
- Businesses whose reporting frequency changed to monthly in 2018
- Businesses who close an account regardless of reporting frequency
- Businesses who are asked by the WSIB to verify their earnings information
Construction industry businesses who must complete the form are:
- Independent operators
- Sole proprietorships with employees
- Partnerships with or without employees
- Corporations with employees and one or more executive officers and corporations without employees and more than one executive officer
Why do I need to complete a reconciliation form?
Completing the reconciliation form will:
- Help you to confirm that you have reported the right amount in premiums:
- if you have reported too much in earnings, we will adjust your account
- if you have not reported enough, we will work with you to help correct your account
- Help you to 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 do I need to do to complete a reconciliation form?
- Follow the steps outlined in the reconciliation form guide to complete the form.
- Mail in the form by March 31, 2019 to:
P O Box 4115, Station A
Toronto ON, M5W 2V3
You must complete and return the reconciliation form even if the reconciled difference or your total insurable earnings are zero.
What records should I keep in case of a WSIB audit or review?
To verify reported annual amounts, the WSIB 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 changed, fill out the form on the flap attached to the return envelope provided with the Premium Remittance Form, the Reconciliation Form, or the statement of account. You can also update your address online.
How do I calculate my insurable earnings?
What are direct earnings versus common earnings?
What is the due date for the 2018 reconciliation form?
The 2018 reconciliation form is due March 31, 2019.
Are there late reporting and payment penalties?
Yes, depending on your circumstances, you may face any of the following:
- Period Reconciliation Not Reported (PRNR): WSIB will calculate a premium based on our records and charge 1 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 the WSIB.
Credit interest is applied to an account when, there is a credit due upon reconciliation.
For more information on debit and credit interest and charges see our policy on Employer Non-Compliance Interest and Charges.
What should I do if I have lost/misplaced my reconciliation form?
May I bring my completed reconciliation form to the financial institution I bank with?
No. The WSIB must receive and process the reconciliation form through the address supplied on the self-addressed envelope provided.
May I bring the completed reconciliation form to my local WSIB office?
Yes. You may also make your payment by debit or cheque at the local WSIB office.
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?
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 cheque.
- Mail your reconciliation form to the PO Box above and pay separately online through your financial institution, by credit card (Visa and MasterCard) or debit).
Once I complete the reconciliation form and 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, the credit will be applied to reduce any outstanding balance.
Can I e-mail or fax in my form?
Please return your completed form by mail, along with any applicable payment, using the self-addressed envelope to:
P O Box 4115, Station A
Toronto, ON M5W 2V3
See additional information on returning the reconciliation form.
Can I complete the reconciliation form online?
Yes, starting March 1, 2019 you will be able to complete your reconciliation online.