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COVID-19 – WCB Premium Relief For Employers

COVID-19 – WCB Premium Relief for Employers

By Nizam Shajani, CPA, CA, MBA

The Government of Alberta has announced relief for WCB premiums for all private sector employers.

Premium Relief

All private sector employers will have their 2020 WCB premiums deferred to 2021.  Small and medium sized private sector employers will have 50% of their 2020 premiums waived when invoicing resumes in 2021.

If you have received an invoice for 2020 premiums, you do not have to pay this.  There will be no interest for unpaid invoices.

Premium Refunds

Invoices for 2020 premiums have been stopped for the remainder of the year and WCB will refund employers who have already made payments towards their 2020 premiums. Refunds will be processed automatically.

What Companies are Eligible?

Small and medium sized private sector employers with $10 million or less in insurable earnings for 2020 are eligible for this relief.

Impact to Benefits

Benefit entitlements for injured workers remain the same.

Conclusion

For more information see WCB Employer Fact Sheet.

 

This information is for discussion purposes only and should not be considered professional advice. There is no guarantee or warrant of information on this site and it should be noted that rules and laws change regularly. You should consult a professional before considering implementing or taking any action based on information on this site. Call our team for a consultation before taking any action. © 2020 Shajani LLP