The Crucial Link Between Reporting Payroll Information and WCB Premiums
The Crucial Link Between Reporting Payroll Information and WCB Premiums When it comes to running a business, one of the most critical tasks is reporting payroll information accurately and on time. Workers’ compensation boards across Canada require employers to report their payroll information annually. The information is used to calculate their WCB premiums. Here’s why it’s important and how it can impact your WCB premiums. WCB Compliance: First and foremost, reporting payroll information is a WCB obligation. Failing to do so or failing to report payroll information accurately can result in penalties, fines, and WCB premium reassessments for your organization. Fair Premium Assessment: WCB premiums are calculated based on your reported payroll information. Accurate reporting ensures that you pay the right amount of premiums. Underreporting payroll can lead to lower premiums, but situations like a workplace accident could trigger an audit that may result in reassessment and financial penalties. On […]