What is WSIB?

If you own a business in Ontario or are planning to hire employees, you've likely come across the term WSIB. But what exactly is it, and how does it affect you as an employer?

What does WSIB stand for?

WSIB stands for Workplace Safety and Insurance Board. It is a government agency in Ontario that manages the province’s worker compensation system for workplace injuries and illnesses.

What does it do?

The WSIB provides protection for both employers and employees. If a worker is injured or becomes ill due to their job, WSIB covers:

• Medical treatment

• Wage replacement while the employee is unable to work

• Support for rehabilitation and returning to work

In return, registered businesses are protected from being sued by employees for workplace-related injuries, since WSIB operates as a no-fault insurance system.

Am I required to register?

In Ontario, most employers are required to register with WSIB within 10 days of hiring their first employee. This includes businesses in industries such as:

• Construction

• Manufacturing

• Transportation

• Cleaning services

• Personal services, and more

Some businesses are exempt, including certain self-employed professionals and excluded industries. However, many choose to register voluntarily for added protection.

What happens if I don’t register?

Failing to register with WSIB when required can lead to serious consequences, such as:

• Fines and penalties

• Retroactive premium payments

• Personal liability in case of a workplace incident

How does payment work?

WSIB functions like insurance. Each employer pays a premium based on:

• The type of industry (some carry higher risk than others)

• The company’s total payroll

WSIB assigns a classification and an annual rate. Businesses are required to report payroll and pay premiums accordingly.

What are the benefits for employers?

While it may seem like an extra cost, WSIB offers important benefits:

• Legal protection from lawsuits related to workplace injuries

• Support in building safer work environments

• Assistance with return-to-work programs

• Compliance coverage during inspections or audits

How do I register?

You can register directly through the WSIB website, or through an accountant or advisor who can guide you through the process. At Toro Accounting, we include WSIB registration as part of our incorporation or business setup services.

Conclusion:
WSIB is more than just a legal requirement – it’s a key part of protecting your employees and your business. If you're growing and beginning to hire, be sure to understand your obligations and register on time.

Have questions about WSIB or wondering if your business should register? Reach out to us at info@toroaccounting.ca or visit www.toroaccounting.ca for more information.