Dissecting the “BS” in WSIB

Previously, we discussed the fine print of mortgage departure fees. This is an easy topic that we can all digest, as we either have a mortgage, have heard of a mortgage, or know a guy with a mortgage.

So today, let’s focus on a body that we all have heard of, but rarely get to understand the fine print of working with the organization…and that’s WSIB or the Workers Safety & Insurance Board.

For some companies, WSIB is not mandatory and you can choose to join their program to help with things like Short and Long-Term disability programs rather than using a private insurance company like Sun Life. Okay, seems logical.

But what happens when you want to leave? Well, in full disclosure I’m not an expert in WSIB departures, but in the last year I’ve seen enough to be a self-proclaimed expert in why NOT to opt-in to WSIB.

The departure tax to leave the organization can be up to 1-years premium and WSIB can surcharge more for their inability to manage risk over the years. A self-fulfilling management practice that I’m considering incorporating…so be careful if you ever stop working with Singer Steinberg, we may invoice you to break up with us.

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