|Ontario Story of the Month: Elimination of WSIB Deficit Means Lower Workers’ Comp Rates
Ontario employers will no longer have to pay charges to pay down the WSIB operating deficit and can expect substantially lower workers’ comp premiums in the future. The reason: The operating deficit, which at one point stood at $14.1 billion, has been officially eliminated, effective Jan. 1, 2020, 7 years ahead of the legislated elimination deadline of Dec. 31, 2027. And now comes word that the deficit will be gone as of Jan. 1, 2020, 7 years ahead of schedule. Elimination of deficit charges and lower premiums will inject $2 billion into the province’s economy, the government claims.
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