Reporting Changes in Payroll Estimates
Throughout the year, your business can experience changes that increase or decrease your annual payroll. If your payroll changes at any point in the year after you provide the WCB with your annual payroll estimate in February, let us know so you can avoid unnecessary interest charges.
Our system automatically compares the estimate you provide this year to the actual you report next year and if there is a difference of more than 25% up or down, you may be subject to an interest charge of 3% above prime on the unreported portion or paid a minimal amount on the over-reported portion. Do not hesitate to contact us via phone, email or online chat with an estimate update anytime there has been significant change to your current year's estimate.
Why Is It Important to Change My Payroll Estimate Throughout the Year?
It’s important to update your payroll information because your premiums are based on this number. If your payroll increases, your premium and payments will increase. If your payroll decreases, your premium and payments will also decrease.
Interest may be added if you underestimate your payroll amount.
Can I Change My Payroll Estimate Online?
Unfortunately, you are not able to change your payroll estimate online at this time.
When Should I Review My Payroll Estimate?
You should review your payroll estimate as soon as you realize there are any significant changes to your payroll and contact us immediately with the new information. We recommend you review your payroll and report any significant changes to us by the end of June and again before the last working day of December.
Interest may be charged on the difference between the estimate you provided this year and the actual payroll you report early next year. We recognize circumstances can change at any point throughout the year, so if you experience an increase or a decrease in your annual payroll, please contact us so we can make the adjustment. You should contact us as often as is necessary to ensure your payroll estimate for the current year is as close as possible to what you will be reporting for you actual payroll next February.
What Happens When I Change My Payroll Estimate?
When you provide us with your revised estimate, we will adjust your account immediately. If you have remaining premium payments, they will be adjusted to reflect the new estimate. Your next account statement will detail the changes and your new payment requirements. If your premium has been paid for the year, your account will be adjusted and your next statement will detail whether there is a debit or credit balance as a result of the change in estimate.
Please note, interest on inaccurate payroll estimates will not be charged or owing if:
- The charge amounts to less $50 for the year; or
- The credit is less than $10.
How Do I Change My Payroll Estimate?
Changes to your payroll estimate can be submitted at any time of the year by mail, phone, email or online chat. Please be sure to include your account number with all correspondence.