What is WSIB?
WSIB is similar to the domestic work-related injury insurance we are familiar with.
WSIB's full name is the Workplace Safety and Insurance Board (The Workplace Safety and Insurance Board).
Except for special industries, other employers must purchase this 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 purchase it. If you want to know more, you can click here.
Contract workers already have WSIB
If the contract worker already has a WSIB declaration certificate (Clearance certificate), then you do not need to apply for an additional WSIB.
Contract workers do not have certificates
If the contractor does not report to the WSIB and does not have a certificate, you will need to report to the WSIB the amount you paid them.
The company has only one corporate owner
The company regularly distributes dividends to holders
You need to report your actual wages and dividends to WSIB every quarter.
The company pays dividends to holders from time to time
You need to estimate the salary and dividend amount for the whole year, divide the total amount by 4, and report to WSIB every quarter
You need to report the income amount of the Invoice to WSIB:
Situation 1
o If the amount of your invoice includes labor and material fees, you need to report the labor part to WSIB.
Situation 2
o If your invoice does not indicate the specific amount of labor and material fees, the labor fee will be calculated based on 60% of the total invoice amount, and then this The amount of labor costs is reported to WSIB
Situation 3
o If your invoice does not indicate the construction materials contained, you will need to calculate the entire invoice amount as the labor part and report it to WSIB.
Situation 4
o If you hire contract workers at the same time, and the contract workers already have a WSIB declaration certificate (Clearance certificate), then the amount of income you need to declare will be reduced by the contract worker’s Amount
Example: The company has only one owner and the company does not pay wages. During this quarter, the company received $2,000 in revenue from order invoices from customers, and the invoices only included labor costs. The company also hired a contractor to help complete the order and paid the contractor $500. The contractor already had a WSIB clearance certificate. Then the amount the company needs to declare to WSIB this quarter is $1,500.
I need to register for WSIB, how do I register?
Contact us and we will teach you how to register!
