TORONTO — Ontario’s Workplace Safety and Insurance Board (WSIB) has announced a rebate of surplus funds totalling $1.5 billion to eligible Ontario businesses.
In a Feb. 16 statement, the WSIB attributed the ability to offer the rebate to cost containment on the financial and operations side along with strong investment returns that have led to a surplus in its insurance fund beyond the needed reserve.
Recent legislative amendments by the Government of Ontario have made it possible to rebate surplus funds.
A rebate credit will be applied to eligible firms’ accounts in April 2022. In recognition of differing impacts of the pandemic on different businesses, the rebate calculation will be based on each firm’s premiums paid in 2019 or 2020, whichever is higher.
“Ontario businesses are paying the lowest average premium rate in more than 20 years,” stated Grant Walsh, chair of the WSIB, in a statement. “With solid financial management we can give this rebate to businesses at a time when they need it most while protecting coverage for people injured at work.”
Businesses must meet all the eligibility requirements. Details on eligibility requirements is available at www.wsib.ca/rebate.
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