The Workplace Safety and Insurance Board (WSIB) announced on August 11 that it has extended the deadline for companies to repay any deferred premiums to January 2021.

The board announced an extensive relief package aimed at employers last spring that was valued at $1.9 billion. Under the terms of the package, employers would not be subjected to any premium hikes were any of their workers infected with COVID-19. The package also included financial relief in the form of deferred premium reporting and payments. Those were to be become payable on August 31, 2020.

Under the new scheme, businesses that want to take advantage of financial relief will have to do so by August 31. Premium reporting and payments due for the period between March and August will be interest free and without penalty, and must be reported by October 31, 2020.

The following payments are eligible for deferral:

• Monthly: March 31, April 30, May 31, June 30, July 31, Aug 31
• Quarterly: April 30, July 31
• Annual: April 30

Regular monthly and quarterly reporting and payment schedules will resume in September.

The board says it will provide more information on the repayment schedule for deferred amounts, along with 2021 premium rate information, in the fall.

More information on the WSIB financial relief package is available at www.wsib.ca/en/financialrelief.