The WSIB issues the Statement of Account to employers each month, subject to limited exceptions, to show the transactions recorded on their accounts during the month and to inform them of amounts owing on their accounts. Employers must pay the WSIB the amounts owing on, or before, the stated due date.
The Statement of Account (hereafter Statement) displays all the transactions recorded against an employer's account during the month including
- WSIB-derived insurable earnings
- premium amounts (actual or estimated by reporting periods)
- payments made since the last Statement
- the allocated reconciled difference
- non-compliance charges
- the monthly debit interest rate
- experience rating program refunds and surcharges, see 13-02-02, NEER (New Experimental Experience Rating Plan) and 13-02-06, Construction Industry Plan (CAD-7) for details of the final issue of refunds or surcharges under experience rating programs,
- credit or debit adjustments, and
- amounts owed to the WSIB from the current month as well as previous months, and the due date.
When statements are issued
The WSIB sends the Statement to employers early in the month following the month being reported, regardless of the employer's premium frequency, unless the account balance is zero or a credit and no activity has been recorded on that account during the month.
Payment of amount due
If payment is due, the Amount Due section on the bottom of the Statement shows the amount to be paid to the WSIB. Employers include the information on the bottom portion of the Statement along with payment to the WSIB. The WSIB uses the information to identify and credit the correct account.
No payment is expected from the employer if the Amount Due is a credit or a zero balance. In this case, the information on the bottom portion of the Statement does not need to be sent to the WSIB.
The WSIB uses a balance forward system to apply payments to accounts. This means that payments are not matched to a specific amount owing, but are applied to offset the total of all amounts owing on the account. The WSIB applies payments received to the oldest outstanding amount first.
The WSIB pays credit interest at the Bank of Canada rate with no rounding.
The debit interest rate (the WSIB interest rate) is six percent (6%) higher than the Bank of Canada rate.
The WSIB interest rate is adjusted quarterly and is shown on the statement in annual and monthly figures.
The WSIB only pays credit interest on amounts owing from January 1, 1997.
Late payment charges
The monthly debit interest rate is applied to overdue amounts in employer accounts.
The WSIB only applies debit interest to amounts overdue on or after January 1, 1997.
This policy applies to all decisions made on or after January 1, 2020, for all accounts.
This document replaces 14-03-10 dated 12 October 2004.
This document was previously published as:
08-04-09 date May 1, 1997
Workplace Safety and Insurance Act, 1997, as amended
Workers' Compensation Act, R.S.O. 1990, as amended
#3, March 10, 1997, Page 221
#19, December 17, 2019, Page 574