Annual WCB Payroll Return Reporting
It’s that time of year, the annual WCB payroll return reporting is here again.
Just a friendly reminder to our clients and all other employers in Alberta that you are required to report your worker’s insurable earnings paid in the current year along with an estimate of what earnings you expect to pay in the upcoming year. The deadline for filing is February 28, 2015. You can find out more about what is needed and how to file properly here.
Reporting your annual payroll information is key to ensuring the correct WCB-Alberta coverage is in place. Payroll information is only part of the formula used to determine your WCB premiums which includes your industry classification, your experience rating plan, your employer experience ratio, participation factor and eligibility factor. Based on overall operations, employers are assigned an industry classification and then assessed the applicable rate for that industry. As there is a wide variance in industry rates and descriptions, classification errors can be very costly.
Due to the complexitiy of this calculations any errors in the determination can be costly in terms of the WCB premiums you are required to pay.
BCL has the expertise to explain your rate in detail, analyse and correct any errors identified in the calculation and ensure you are paying the lowest rate possible. You can find out how to contact us regarding a review of your rate here.