Can you claim bankruptcy with WSIB
Workplace Safety & Insurance Board or WSIB for short, is where Employers pay to an insurance fund (province-wide). Insurance premiums are established on the employer’s payroll & work related accidents in their industry. WSIB is a compulsory requirement for the majority of the construction industry and many other industries and can be included in a personal bankruptcy.
WSIB and Personal bankruptcy
When a person claims personal bankruptcy, the debt due and owing to the WSIB is a provable debt. When WSIB files a proof of claim, in the bankruptcy, WSIB has the same obligations and rights as the person’s other unsecured creditors with provable claims. Debt recovery directly by WSIB and other creditors is not allowed in bankruptcy proceedings.
It is important that a person makes sure that they have all their WSIB and CRA filings/submissions filed up to date before proceeding with a bankruptcy.
If you have WSIB debts that you are unable to pay, consult with a professional trustee at David Sklar and Associates. They can help review your case and see if bankruptcy or a proposal is the right choice for you. They can help provide you with the information to help you make the best choice for your business.