Rebate based on 2024 premiums rolls out by June as province confronts U.S. tariffs, market instability
Ontario businesses receive a major boost as the Workplace Safety and Insurance Board (WSIB) issues an additional $2 billion rebate, part of a broader $11 billion provincial package aimed at stabilizing the economy amid rising trade tensions and financial market volatility.
The rebate, announced Monday, builds on a previous $2 billion rebate that went out earlier this year and is designed to help employers weather the fallout from U.S. tariffs and a looming trade war.
“With all the instability in the marketplace right now, we believe it’s best to have that money back in the hands of employers,” says WSIB president and CEO Jeffery Lang. “They can stabilize their business, hopefully hire more people, or at least ride out these uncertain times.”
Rebate details and timing
The new rebate rolls out by June 2025, possibly earlier. It’s based on each employer’s 2024 insurable earnings, with most receiving back around 60% of the premiums paid for that year.
“If your insurable earnings went up, you’ll get a bigger rebate. If they went down, you’ll get a smaller one,” Lang explains.
The WSIB draws the funds from its reserves, made possible by strong financial performance and improved return-to-work outcomes. Lang confirms the WSIB’s funding ratio sits at 118%, and the rebate won’t affect the board’s ability to fund benefits.
“These are employers’ dollars,” he says. “We’re doing a much better job of getting people back to work quicker and safer, and that’s reducing our costs.”
Economic pressure looms
Lang acknowledges the economic risks ahead, including falling markets and layoffs linked to trade disruptions. He says the WSIB is prepared, even if premiums and claims fluctuate.
“Nobody’s going to be unaffected by this,” he says. “But our system is safe. We have enough in reserve to ensure injured workers are protected—no matter what happens.”
Given the economic uncertainty, Lang can’t say for sure what will happen with premium rates moving forward. “If we’re in a position to reduce premiums again, we will.”
Continued investment in safety
Even as money flows back to employers, the WSIB continues to fund safety innovation. A new $65 million, 10-year research initiative targeting musculoskeletal (MSK) injuries—the province’s most common injury type—aims to shorten recovery times and reduce lost-time incidents.
“This isn’t just for employers,” says Lang. “We’re continuing to invest in better outcomes for the people we serve.”
