Calculate WCB premiums

You can calculate your WCB premium due using information provided with your Standard Reports Package.

If you have employees in Nova Scotia or Quebec, you may use these instructions to validate the premiums remitted if Dayforce remits on your behalf.

Prerequisites

  • Individual employees only work in one province during the year.

  • The same WCB rate applies to all employees in their respective province of employment.

  • Employees not subject to Assessable Earnings calculations were set up correctly for the reporting period. Review the E.I. Category for applicable employees on the Employee Profile page.Closed From the Payroll menu, select Hire/Profile > Employee Profile.

  • Review the Earnings report on the Payroll Setup Reports page.Closed From the Reports menu, select Company Reports > Payroll Setup. Confirm WCB is calculating on all required earnings for your province.

  • Review the Deductions and Benefits report on the Payroll Setup Reports page.Closed From the Reports menu, select Company Reports > Payroll Setup. Confirm WCB is calculating on all required taxable benefits for your province.

Note: If all prerequisites are not met, or a code modification is required to amend your WCB assessable calculations, see Calculate your WCB estimate expense.

Tip!

To review codes subject to WCB calculations at year-end:

Review the Earnings Matrix or the Deduction\Benefit Matrix. This report displays each code and the box values are directed to on the tax form.

  • If tax forms were requested, open the most recent Tax Forms Package. Go to the Year-End Reports page.Closed From the Reports menu, select Year-End Reports.

  • If tax forms were not requested, open Additional Reports from the last pay of the year.  Go to the Payroll Reports page.Closed From the Reports menu, select Payroll Reports.

Tasks

Calculate WCB premiums

  1. Go to the Select Pay page.Closed Select the Pay Period menu button. and review the pay period ending dates to determine which pay period to select for your WCB calculation. Select the period end date that comes closest to your WCB Reporting requirements.

    Example:

    A biweekly payroll with a quarterly remittance schedule.

  2. Open the Standard Reports Package on the Payroll Reports page.Closed From the Reports menu, select Payroll Reports. for the last pay period to be included in your reporting period.

  3. Scroll down to the Payroll Register Summary and locate the WCB EARN line to view YTD WCB assessable amounts displayed by province.  

    The assessable amount displayed should match the year-to-date Gross Pay unless there are:

    • earnings excluded from the calculation

    • benefits included with the calculation

    • employees who have reached the Annual WCB maximum assessable earnings by Province.

  4. Calculate your WCB premium for each province by multiplying the assessable earnings by your WCB rate.

    Example: If your WCB rate is 1.55%, multiply this rate by your WCB assessable earnings: 888,217 x .0155 = $13,767.36

  5. Track your calculations for the current year on a spreadsheet to assist with future calculations, and record the amount calculated for each reporting period.  The example displayed is for a quarterly remitter.

  6. For the next reporting period, obtain the YTD assessable amount from the WCB EARN line and repeat steps 1-4.

  7. Use the information calculated for the previous reporting period to determine the next amount due.

    Example:

    1. Obtain the YTD WCB assessable earnings amount from the WCB EARN line.

      Important: Do not use the YTD gross pay figure. Premiums are not to be calculated on wages earned by employees who have exceeded the WCB maximum.

    2. Multiply the assessable earnings by your WCB rate: 1,709,306 x .0155 = $26,494.24

    3. Subtract the premium amount already paid : $26,494.24 - 13,767.36 = $12,726.88

  8. Repeat steps 1-7 for the remainder of the year.

  9. Compare the annual WCB Assessable total from the spreadsheet to the WCB Assessable total displayed on the Year End Balancing Report produced by Dayforce. The grand total of the individual remittances submitted should match the annual remittance required. Adjust accordingly for the last remittance of the calendar year.

    Note: The Register Summary total may not display correctly for adjustments processed in the last quarter of the year for employees who have reached the maximum WCB assessable earnings.

See also