In this section
|The workers’ compensation system is funded entirely by employers.
The average rate is $2.65 per $100 of assessable payroll, but like other insurance, the rate depends on the risk - employers with low injury rates pay less than those with high injury rates.
Explore this section to learn more about the approximate costs of workers’ compensation in your industry. WCB rates are reviewed on an annual basis.
To help you get a sense, here’s a look at a sample scenario for a small business.
|Small Business Example—Retail
A business owner has a small convenience store in Yarmouth. She has two employees who each earn $30,000 per year.
In 2020, it would cost $1.93 /$100 payroll to cover these employees.
• Annual cost per employees ($30,000 x $1.93 / $100 of payroll = $579)
• Total annual premium two employees (2 x $579 = $1,158)
• Employers can pay their WCB premium at the same time as they pay Canada Revenue Agency (CRA). Most small employers remit monthly to CRA so approximately $96.50 / month.