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Toronto, October 6, 2021 \u2013 The Workplace Safety and Insurance Board (WSIB) announced today during its Annual General Meeting (AGM), that the average premium rate for Ontario businesses will be reduced by 5.1% for 2022, from $1.37 to $1.30.
Maximum Assessable / Insurable Earnings 20172021Nova Scotia$59,300$64,500New Brunswick$62,700$67,100Québec$72,500$83,500Ontario$88,500$97,3088 more rows
Policy. The WSIB considers insurable earnings to include: the amounts that are usually reported on a worker's earnings statement, and. any income reported in box 14 of the T4 slip as gross earnings.
Deduct non-insurable gross earnings such as supplementary maternity benefits, executive officers earnings, not included in mandatory coverage in construction, and excess earnings above the annual maximum from your total gross earnings. The result is your total insurable earnings.
To calculate your premium, multiply your gross insurable earnings by your premium rate and divide by 100. If you have more than one NAICS code (NC), you will need to calculate each NC separately.
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Toronto, October 6, 2021 \u2013 The Workplace Safety and Insurance Board (WSIB) announced today during its Annual General Meeting (AGM), that the average premium rate for Ontario businesses will be reduced by 5.1% for 2022, from $1.37 to $1.30.
The average premium rate for businesses will be reduced by 5.1 per cent for 2022. This represents a premium decrease from a Schedule 1 average rate of $1.37 on every $100 of insurable payroll in 2020 and 2021, to an average of $1.30 in 2022.
Policy. The WSIB considers insurable earnings to include: the amounts that are usually reported on a worker's earnings statement, and. any income reported in box 14 of the T4 slip as gross earnings.
The maximum insurable earnings (MIE) is the income level up to which Employment Insurance (EI) premiums are paid. It determines the maximum rate of weekly benefits paid for all types of benefits under the EI program. Effective January 1, 2022, the maximum insurable earnings will increase from $56,300 to $60,300.
Premium is total cost of the insurance policy, calculated simply as: Premium = Rate x Exposures If Premium is measured in units such as \u201cdollars\u201d, Exposures in units such as \u201cCar Years\u201d then the Rate would be measured in \u201cdollars per Car Year\u201d.

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