CFIB Wants Workers’ Compensation Surplus Returned

The Canadian Federation of Independent Business (CFIB) is calling on workers' compensation boards (WCBs) across Canada to rebate surplus funds back to small business owners. The organization’s research shows seven provincial and territorial boards are in an over-funded position, meaning boards have exceeded their desired funding target. British Columbia's workers' compensation board was among the most over-funded with assets at 153 per cent higher than its liabilities, while its targeted funding ratio is set at 130 per cent. In British Columbia, rebating excess funds could mean nearly $2.9 billion back to employers who can effectively use the funds to help in their COVID-19 recovery efforts and to reinvest in their businesses. Rebating the excess funds across the country would represent approximately $5.6 billion. For a business with five employees, the rebate would range from $644 in the Yukon to $6,189 in British Columbia. Some provinces have recently provided surplus distributions. This year, Ontario rebated $1.5 billion, while Manitoba rebated $95 million. In 2021, Prince Edward Island provided a $25 million rebate. CFIB urges other provinces to follow suit and deliver meaningful financial relief to small business owners.