Ontario workplace insurance board cuts rates

Small businesses welcomed the Ontario Workplace Safety and Insurance Board’s decision to cut rates by an average of 5% per cent across all sectors.

It’s the first rate reduction since 2001. The Canadian Federation of Independent Business says the cut was important as small business owners deal with rising hydro and payroll costs.

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“With the cost of doing business rising in the province, cutting WSIB rates offers not only much-needed stability to Ontario’s job creators, but financial flexibility to reinvest in their businesses and the Ontario economy. We look forward to the sector-by-sector breakdown to see how all of our members will be affected,” the CFIB’s Julie Kwiecinski says in a statement.

Since 2011, the WSIB has reduced its unfunded liability from $14.2 billion to $5.6 billion and is on track to eliminate it by 2021, the CFIB says. It has also made improvements in customer service, and reduced the length of its claim reporting forms by 60%.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.