"As of January 1, 2013 new mandatory coverage rules came into effect; however, starting January 1, 2014, contractors who have not yet registered with the WSIB, and who do construction work without a valid clearance number will face fines of up to $100,000 upon conviction. Those who hire contractors without confirming they have a valid clearance number also face serious fines and penalties"
There are other surprises for some businesses. Such as the requirement for executives of corporations in the construction industry to also be covered with the exception of one executive who is not involved in construction work. An election has to be made for this exemption to apply. One surprising thing is that not only salaries and bonuses that are subject to WSIB but also dividends paid to an executive officer are considered earnings for purpose of WSIB calculation. I suspect if you are a shareholder and not an executive officer it does not affect you. There is a fairly comprehensive Q&A on the Board's website. Click on the link below:
For information on taxes and tax rate visit tavana.ca
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