At the WSIB, we understand the impact the evolving COVID-19 situation is having on businesses across Ontario. We have announced a financial relief package worth up to $1.9 billion to help support you through this difficult time while protecting coverage for people with work related injuries or illness.
How the financial relief package works
The financial relief package allows businesses to defer premium reporting and payments until August 31, 2020. Businesses who report and pay monthly, quarterly or annually based on their insurable earnings are eligible for this deferral.
No interest will accrue on outstanding premium payments and no penalties will be charged during this six-month period.
Receiving financial relief
All Ontario businesses covered by our workplace insurance are automatically eligible to receive relief.
You do not need to apply for deferment of your premium payments or take any further action to receive relief.
You can choose to continue to report and pay on a monthly, quarterly or annual basis. You can also report now and defer payment until later.
We are continuing to work on processes related to the financial relief package and we will update our website with more information as it becomes available.
For more details on how WSIB is continuing to support businesses, visit wsib.ca
*We at Balancing Muskoka are encouraging our clients to continue filing their WSIB on time*
Wage subsidy details
On Monday, Trudeau announce that any Canadian businesses whose revenue has decreased by 30 per cent or more due to the pandemic will be eligible for the 75 per cent wage subsidy promised, regardless of the number of employees they have.
This comes after Friday's announcement of the major increase to the wage subsidy for small and medium sized businesses, aimed at helping them keep employees on staff.
"This is about making sure that people are still getting paid whether they work for a business that employs 10 people or 1,000 people," Trudeau said.
The wage subsidy is being back-dated to March 15, and is an increase to the initial commitment of a 10 per cent subsidy. It comes alongside a special emergency guaranteed business loan of up to $40, 000, as well as a deferral of customs duties, HST and GST payments.
The subsidy will be on the first $58,700 earned, meaning up to $847 a week.
The announcement comes with a warning from Trudeau to businesses, not the misuse the program or they'll face serious consequences.
"Every dollar of this should go to the workers," Trudeau said.
Trudeau's address from Rideau Cottage marks the beginning of most Canadians' third week of life upturned by the COVID-19 pandemic.
Details will come Tuesday on what the measures are and how to apply for them.