WSIB Premium Rate and Classification Update
Rate Framework Transition:
Since the WSIB has decided to keep the 2021 premium rates the same as 2020 they have updated their Rate Framework transition process to the following:
- In 2022 businesses with projected premium rate increases will move up a maximum of 5% from their 2021 rate.
- In 2023 businesses that have not yet reached their projected premium rate will move up a maximum of 10% from their 2022 rate.
- Any projected decreases will automatically be applied to your rates in 2022 and 2023.
- In 2024 the Rate Framework will be in full effect with a maximum of 15% increase or decrease in your premium rate towards your projected rate.
As of January 2021 the WSIB will introduce a new classification subclass G6 for non-residential building construction activity. If you are already classified under subclass G1 (residential building construction) and am eligible for subclass G6, you may be able to report your premiums under both classification rates.
WSIB Revenue Assistance:
Do you need assistance with understanding your WSIB premiums and classification? Our team of WSIB Paralegals can provide the expertise and knowledge you need. Please contact Michael Woo at our office if you have any questions 905-669-5444.