Section #: 
35.40.05
Effective date: 
Wednesday, January 1, 1992
Last update: 
Monday, January 1, 2018

 

Policy Purpose

To inform holders of the WCB Policy Manual of the interest rates established by Regulation for under - or over-assessments and for failure to pay assessments. It is not a WCB policy.

The Interest, Penalties and Financial Matters Regulation establishes the interest rate that may be charged to employers for under assessment at the prime lending rate plus 3%, to be adjusted January 1 and July 1 of each year. The interest rate that may be charged to employers for failure to pay assessments is established at the prime lending rate plus 5%.

The Interest on Over-Assessment Regulation establishes the interest rate that may be credited to employers for over assessment at the Provincial Treasury Bill Rate minus 1.5%, to be adjusted January 1 and July 1 each year. 

Updated July 1, 2015, to reflect interest rates for over/under interest and late payment penalties.