WSIB Bill 119 Mandatory Coverage in Construction
How will the issue/change impact payroll?

If a corporation pays its executive officers regular employment income throughout the year, the firm must report the actual earnings of those executive officers for each reporting period up to the annual maximum amount. If the corporation has workers it must also report the workers’ earnings.
The WSIB sets a maximum amount per year that can be reported as insurable earnings each year. The annual maximum for 2016 is $88,000. This means, for 2016, any earnings above $88,000 are not considered insurable and you do not have to report or pay premiums on this excess amount. The cost of coverage depends on earnings and the business activities.

WSIB report and pay schedule may be monthly, quarterly, or annually, depending on company total insurable earnings.
WSIB report and pay schedule may be monthly, quarterly, or annually, depending on your total insurable earnings. Annual insurable earnings lower than $300,000 - you may select your preferred frequency Annual insurable earnings of $300,000 or more - you will report and pay monthly
WSIB Report & Pay Schedules.
Annual
Reporting Period: January 1 to December 31
Premium Remittance form sent: March
Completed form & Payment are due by: April 30
Each time your actual insurable earnings become higher than the estimated amount, you must contact the WSIB, within 10 calendar days, to update your estimate. Failure to do so can result in penalties and/or prosecution.
Quarterly
Reporting Period: 1st Quarter
Jan 1 to Mar 31 2nd Quarter
Apr 1 to Jun 30 3rd Quarter
Jul 1 to Sep 30 4th Quarter
Oct 1 to Dec 31
Premium Remittance form is sent: March June September December