Date of distribution: Apr. 7, 2020
TRANSMITTAL SHEET
No: 02 – 2020
Apr. 7, 2020
WHAT'S CHANGED (Please read the policy documents for complete information).
Please note that policy changes since the last issue are indicated by shaded text or shading in the left margin.
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Dividends as earnings for personal coverage holders When establishing the compensation rate for personal coverage holders, dividends may now be considered earnings when they are paid in lieu of salary, as remuneration for work performed in the company.
- Policy 06-02, Part II, Application 2 has been updated to include a new Question 3 to outline when dividends will be considered earnings for personal coverage holders.
- Policy 04-01, Part II, Application 2, Question 2 has been updated to state that dividends paid in lieu of salary may be considered earnings for directors with personal coverage.
- Policy 06-03, Part II, Application 4, Question 1 and Question 8 have been updated to include cross-references to the policy changes above.
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Splitting and extending personal coverage - Policy 06-02, Part II, Application 2 Question 6 has been updated to allow personal coverage holders with multiple accounts or industries to extend their personal coverage to all of their operations under one account.
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Non-substantive updates As part of WCB’s review of employer accounts and premium policies and consultation with stakeholders, a number of non-substantive policy changes were identified. These included: updates to reflect legislation, clarifications of terms and coverage and updates to references, language, and numbering. These non-substantive changes are included in Policy 06-02, Part II, Application 2 and Policy 06-03, Part II, Application 4.
Complete list of changed documents
| Document | Old (remove) | New |
|---|---|---|
| 04-01, Establishing Net Earnings | Part II, Application 2 | Policy 04-01, Part II, Application 2 (issue date April 7, 2020) |
| 06-02, Optional Coverage | Part II, Application 2 | Policy 06-02, Part II, Application 2 (issue date April 7, 2020) |
| 06-03, Premiums | Part II, Application 4 | Policy 06-03, Part II, Application 4 (issue date April 7, 2020) |
