Finance & Taxation | Health & Safety | Ontario

Ontario WSIB announces premium rate cut for 2022

October 14, 2021

Last week, Ontario’s Workplace Safety and Insurance Board (WSIB) announced it would be cutting premium rates in 2022 by $168 million, bringing the total reduction in premiums since 2018 to $2.4 billion. In addition, the Ontario government plans to introduce legislation that, if passed, would allow for the insurance fund to lower its surpluses, from mandatory disbursement when the surplus reaches 125% down to disbursement when the surplus reaches 115%. As of March 31, 2021, the WSIB’s insurance fund is at 119 per cent. Every percentage point represents an estimated $305 million in surplus funds. A move down to 115% from 119% would mean an estimated 1.2 billion dollars.

Be heard. Save money. Stay informed.

Become a member