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TriHuynh83
Sep 29, 2020 7:40 PM UTC
Question

WSIB Insurable earnings for self-employed perople

Hi,

I have a potential client who owns a sole proprietor business (not incorporated) and provides cleaning services as an independent contractor. The business has registered for WSIB and I am wondering how the insurable earnings is calculated? Would it simply be the revenue excluding sales taxes? or Net Income after deducting expenses?

If this business also hire helps (employees and independent contractors) how is the insurable earnings be calculated then? Excluding those expenses or include?

I can't seem to be able to find details from the WSIB website. 

Thanks in advance

 

1 reply

Nick K
Sep 29, 2020 9:08 PM UTC

Hi TriHuynh83,

 

Being able to track your insurable earnings correctly is imperative for a business and I'd be happy to point you in the right direction.

 

QuickBooks Desktop is a great way to track revenue and has reports to help pull the information you may need. When it comes to how to track insurable earnings I suggest reaching out to the CRA on what is used to calculate that information. You can check our this article on their website regarding insurable earnings or get in touch with them here. 

 

As for adding employees and what effect that may have you can also ask the CRA or a payroll specialist as they are trained in these matters. Once you have the information and need help entering it into the company file you can get in touch with our support team and they would be happy to help. Their contact number is 877-772-9158 and you can find their support policies and hours of operation here.

 

Have a great day!

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