2022 WSIB Premium Rates – Ontario.
The Workplace Safety and Insurance Board (WSIB) has announced that the average premium rate for Ontario businesses will be reduced by 5.1 per cent for 2022, from $1.37 to $1.30 on every $100 of insurable payroll in 2020 and 2021.
Maximum Insurable Earnings
The maximum insurable earnings ceiling for 2022 is $100,422, compared to $97,308 in 2021. Changes to the maximum insurable earnings ceiling are based on amendments made to the Workplace Safety and Insurance Act in 2021, which gave the Ontario government regulation-making authority to set the maximum insurable earnings ceiling for 2022.
Example, Infrastructure Contractors rate will be $2.10, down from $2.31 in 2022 or Trucking’s rate will be $4.03, down 5.6% from $4.27 the past two years.
To get a complete list of WSIB premium rates for Ontario, please click on below link
https://www.wsib.ca/en/2022premiumrates
What are insurable earnings?
Earnings to Include
- Any taxable benefits included in box 14 of the T4 such as wages, annual salary or payments for piece work
- Room and board that are part of earnings
- Bonuses and commissions
- Merchandise awards
- Profit-sharing
- Overtime pay
- Sick pay
- Vacation pay
- Severance pay if an Employment Insurance (EI) Record of Employment has not been issued
Insurable earnings include amounts reported on an earnings statement, or wage slip before any deductions are made for income tax, Employment Insurance (EI), Canada Pension Plan (CPP), health care plans, loan payments, union dues.
Earnings to Exclude
- Maternity benefits paid in addition to EI benefits
- Sick pay credits used by an individual who is off work on early retirement and is kept on the payroll until the time of retirement
- Retiring allowance paid over a series of months after employment has ended
- Severance pay if an EI Record of Employment is issued to an individual
- Earnings of Ontario-based an employee’s temporarily out of the province that are reported to other Canadian workers’ compensation boards
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