TORONTO – Businesses have one less payment they will have to worry about for the next six months.
The Ontario government announced on Thursday that Workplace Safety and Insurance Board (WSIB) premium payments will be deferred until Aug. 31, 2020 for all businesses in the province.
The province says this will save Ontario employers $1.9 billion during that time period.
WSIB will also continue to cover workers at eligible workplaces during the deferral period.
“During this unprecedented period of uncertainty and hardship, our government is doing everything possible to support businesses and protect jobs,” said Monte McNaughton, Minister of Labour, Training and Skills Development. “By making this change today, we are building upon the substantial financial help we are providing business owners and workers. The top priority is to keep people safe.”
Officials stated that all employers covered by WSIB are automatically eligible for the deferral program. Employers will not be required to opt in to the program.
WSIB will also cease interest accrual on all outstanding premium payments and will not charge penalties during the six-month deferral period.
“We have worked closely with the Government of Ontario to help Ontario businesses as they face this unprecedented challenge,” said Elizabeth Witmer, chair of the WSIB. “We’re here to help.”
Officials state that the deferred premiums will amount to an average of $1,760 for approximately 275,000 Ontario businesses.