What is WCB?

The Workers' Compensation Board (WCB) of Alberta is an independent organization that administers the workplace insurance system. It provides compensation to injured workers and protects employers from liability in the event of workplace accidents.

Mandatory Employer Registration

Most employers in Alberta are legally required to open a WCB account within 15 days of hiring their first worker. Failing to register on time results in significant penalties and leaves the corporation exposed to liability lawsuits from injured employees.

Annual Returns and Premiums

Employers must file an annual return reporting their actual assessable earnings for the previous year and estimating earnings for the current year. This data determines the corporate WCB premium. Accuracy is vital; overestimating ties up valuable cash flow, while underestimating leads to unexpected premium bills later.