Law
s.78(1)
Every year on or before the date specified by the WSIB, a Schedule 1 employer shall give the WSIB a statement setting out the total wages earned during the preceding year by all workers, and such other information as the WSIB may request.
s.78(4)
The WSIB may require a Schedule 1 employer to submit a statement at any time setting out the information described in subsection (1), (2), or (3) with respect to other periods of time as the WSIB may specify.
Policy
Employers who report and pay their premiums monthly must submit a year-end reconciliation of workers’ earnings for each of their accounts by March 31 for each premium year.
Guidelines
How to reconcile
Employers who report and pay their premiums monthly, plus any other employer who closes an account during the year (regardless of their reporting frequency), must complete the Reconciliation Form.
NOTE
Reconciliation applies to reported premiums only. If an employer has not paid the full amount of the premium previously reported, the unpaid difference appears on the employer’s monthly Statement of Account(s). In this case, interest on the unpaid premium has already been charged.
The process
Using the Reconciliation Form, employers
- report their workers’ total actual insurable earnings for the year just past
- break down these earnings into direct and common earnings by classification code
- calculate their actual premium, and report it in total by classification code
- calculate the difference owing by comparing the premium they have reported with the total premium they owe for the year, and
- send the Reconciliation Form, along with any payment owing, to the WSIB.
Due dates
Reconciliation forms are due March 31 of the year following the year they cover.
Employers who have overpaid
Employers who have overpaid their premiums based on what they’ve reported during the year must also send in the Reconciliation Form by the due date. The WSIB confirms the overpayment and credits their account. The credit is first applied to any balance owing from previous years. The remainder, if any, is applied toward the next premium. See Interest owing to employers below.
Non-compliance charges
Non-submission of Reconciliation Form
If a form is not received by its due date, the WSIB calculates a premium for the reconciliation period, and charges a penalty of one per cent (1%) of the calculated premium, up to a $1,000 maximum, for each month the Reconciliation Form is not filed past the due date. The WSIB does not adjust this penalty once an employer submits the form with the reconciled premium.
Interest owing to employers
The WSIB pays credit interest on reconciled differences from July 1 of the premium year to the end of the month prior to the month the WSIB processes the Reconciliation Form. For information on credit interest, see 14-03-10, Statement of Account.
Interest owing to the WSIB
The WSIB charges debit interest on reconciled differences from July 1 of the premium year to the end of the month prior to the month the WSIB receives the Reconciliation Form. For information on debit interest, see 14-03-10, Statement of Account.
NOTE
Where there are premiums owing to the WSIB on the 1996 reconciliation or on any adjustments made to reported premiums for prior years processed in March 1997 or later, debit interest is charged retroactively from January 1, 1997, at the earliest, up to the end of the month prior to the month the WSIB processes the Reconciliation Form.
Application date
This policy applies to all decisions made on or after January 1, 2020, for all accounts.
Document History
This document replaces 14-03-12 dated October 12, 2004.
This policy was previously published as:
14-03-12 dated September 28, 2001
References
Legislative Authority
Workplace Safety and Insurance Act, 1997, as amended
Sections 78, 79
Minute
Administrative
#3, March 10, 1997, Page 221
#7, December 17, 2019, Page 572