Article content

CALGARY – Workers’ compensation boards in seven provinces and one territory are overfunded by a total of $6.8 billion, according to a new study from the Canadian Federation of Independent Business.

In a report released Wednesday, the CFIB used workers’ compensation boards’ funding ratios from the year ended 2016 to determine which of Canada’s 12 provincial and territorial boards (Northwest Territories and Nunavut share a workers’ compensation board) were overfunded, and by how much.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or Most workers' compensation boards overfunded, by a total of $6.8 billion, report says Back to video

The report calls on provinces that have overfunded boards to provide rebates to employers, but notes that only about half of the boards in the country have rebate policies in place. Those that do have a higher threshold for repaying workers’ compensation contributions than the CFIB are considered “ideal.”

“Typically, when you overpay your taxes, you get a refund. It’s time boards give that refund,” CFIB executive vice-president and chief strategic officer Laura Jones said in a release. “The bottom line is that overcharging employers is unfair, unproductive and unnecessary.”