2024 Surplus Distribution FAQ

The surplus is due primarily to strong investment market performance which resulted in achieving better financial results than projected, combined with continuous system improvements, and prudent financial stewardship.

Employers who fulfilled their payroll reporting responsibilities for 2023 and owed a WCB premium for 2023 are eligible to receive a share of the surplus distribution.

Employers who did not report their payroll for 2023 or who did not owe WCB premiums for 2023 are not eligible. However, if an employer subsequently submits their 2023 payroll, the WCB will process the credit which will be applied to their account.

The WCB is returning $118 million in surplus funds. Each eligible employer will receive a credit to their account of 50 per cent of their 2023 actual premium.

The 50 per cent surplus distribution will be calculated against an employer’s 2023 premium; the premium is determined by multiplying the WCB rate by every $100 of payroll.

Safety levies under an industry-based safety program are not included as part of the premium in the calculation used for the surplus distribution. 

Eligible employers will receive a credit to their account, applied against their 2024 premium. These credits are reflected in their WCB Account Statements for May 2024.

Surplus distributions depend on many variables related to the WCB’s financial performance. The Board of Directors reviews the WCB’s funded position annually and may determine if a surplus distribution is warranted. This is laid out in the WCB's funding policy.

Yes, the amount of the credit is taxable since it is a return of an employer's 2024 tax deductible expense.