What is WSIB?
WSIB is similar to the domestic work-related injury insurance we are familiar with.
The full name of WSIB is the Workplace Safety and Insurance Board.
Except for special industries, other employers must purchase work-related injury insurance for their employees in accordance with Ontario laws.
Do I need to register? ?
Click on the list below to see if you need to buy. If you want to know more, you can Click here .
Contract workers already have WSIB
If the contractor already has a WSIB Clearance Certificate, you do not need to file an additional WSIB declaration.
Contract workers do not have certificates
If the contractors do not report to the WSIB and do not have certificates, you will need to report to the WSIB the amounts you paid them.
The company has only one owner
The company pays dividends to shareholders regularly
You are required to report your actual wages and dividends to the WSIB every quarter.
The company pays dividends to holders from time to time
You need to estimate your annual salary and dividends, divide the total by 4, and report it to the WSIB every quarter.
You need to report the income amount of the invoice to the WSIB:
Case 1
If your invoice includes labor and material costs, you need to report the labor portion to the WSIB.
Scenario 2
o If your invoice does not indicate the specific amount of labor and material costs, calculate the labor cost based on 60% of the total invoice amount and then report this labor cost amount to WSIB
Scenario 3
o If your invoice does not specify the construction materials included, you will need to report the entire invoice amount as labor to the WSIB.
Case 4
If you employ a contractor and the contractor already has a WSIB Clearance Certificate, then the amount of income you need to report can be reduced by the contractor’s amount.
Example: The company has only one owner and does not pay wages. In this quarter, the company collected $2,000 in invoices from customers, which only included labor costs. The company also hired a contractor to help complete the orders and paid the contractor $500. The contractor already has a WSIB clearance certificate. So the company needs to report $1,500 to the WSIB this quarter.
What can we do for you?
✅ Understanding the WSIB (Workplace Safety and Insurance Board): Explains what the WSIB is, what it does, and why businesses need to register.
✅ Registration Process: Detailed description of the process for companies to register with the WSIB, including required documents, timelines, and considerations.
✅ Advisory Services: Describe how your accounting firm provides advisory services to clients regarding WSIB registration, including answering questions, providing guidance, and assisting with completing relevant documentation.
✅ Compliance with regulations: Emphasizes the importance of businesses registering with the WSIB and how to ensure compliance with relevant laws and regulations.
✅ Advantages and Benefits: List the advantages and benefits of registering with a WSIB, such as obtaining protection and reducing risk, and explain how your accounting firm can help clients maximize these advantages.
✅ Case Studies: Provide some actual cases to demonstrate your experience and achievements in successfully helping clients register with the WSIB.
✅ Customer Support: Emphasize your customer support system, including post-registration services and ongoing support, to ensure smooth operations for customers after registering with the WSIB.
If you want to register a company as soon as possible but don’t know how to do it, please contact Wang Ke Accounting Firm as soon as possible!
What are the benefits of having us register your company and handle your taxes?
♻️ Compliance assurance
Avoids possible conflicts and legal disputes
🤝 Save time and energy
Save a lot of time and energy and focus on your business development and core competitiveness improvement
⚠️ Reduce risk
Help you build a healthy and sustainable foundation for business development.
Customer Testimonials
New Customer Tax Filing Service Process
Online Reservation consult
⬇️
Prepare tax return information
Zoom Video Conferencing
Why choose us?
✅ Technology leadership
Use cloud computing and automation tools to improve data security and access efficiency.
✅ Fair price
Transparent fees and efficient processes effectively reduce the financial burden on small businesses.
✅ Industry expertise
We customize professional tax strategies for small businesses in multiple industries to optimize financial benefits.
✅ Quality service
Respond to customer needs quickly, update information in a timely manner, and enhance customer trust.
✅ Compliance assurance
Our professional team is well versed in the latest tax laws and ensures that financial reporting is compliant.
Our professional team will ensure
All steps and documents are reliable and complete
If you need it, we will teach you step by step!
