How Close Was Your Payroll Estimate? Knowing Can Save You Money!
At the beginning of the year, you submitted your estimated payroll for 2022 to the WCB. Your estimated payroll should be as accurate as possible.
Throughout the year, your business can experience changes that increase or decrease your annual payroll. If your payroll changes at any point in the year after you provide the WCB with your annual payroll estimate in February, you should update your payroll estimate so you can avoid unnecessary interest charges.
Employers can revise their estimates at any time during the year.
If your actual payroll will be 50 percent higher than your initial estimate, you need to update it to avoid a 6% PENALTY of the assessed difference.
An overestimate credit will apply when actual payroll reported is less than 50% of the last reported estimate and the employer’s account has been paid in full no later than September 30.
To update the payroll estimate you submitted, you can use your existing WCB Online Account, call or email Sask WCB office at [email protected]; you must include your firm number. If you don’t have a WCB Online Account you can register anytime.