The Workplace Safety & Insurance Board (formerly the Worker’s Compensation Board) oversees Ontario’s workplace safety, education and training system and acts as a workers’ compensation insurer for Ontario, Canada. Employers contribute to a province-wide insurance fund that workers may access after becoming ill or injured.
Here at National Tax Service, we know having a well-informed client is our best customer so we put together a quick overview of the Workplace Safety & Insurance Board (WSIB) and what you need to know.
Although some exemptions do apply, for the most part if you own a business in the construction industry, this coverage is mandatory for your employees. Most businesses in Ontario need to register within 10 days of hiring their very first employee. The benefits to these companies include a no-fault insurance as well as greater coverage and protection for your workers.
Independent operators, as well a sole owners and a variety of other people involved in business in different aspects, can buy optional insurance from the WSIB. After they buy this insurance, they are considered workers under the Workplace Safety and Insurance Act and enjoy all the rights of other workers covered under the act.
Here at National Tax Service, we want our valued clients to have a good overview of everything that concerns them when it comes to accounting, their taxes and business. Our team of former Canada Revenue Agency auditors, tax lawyers and accountants are here to make sure everything you need to know is clear.