Workers’ Compensation Boards Could Give Small Businesses $3 Billion Boost by Rebating Excess Funds: CFIB

Stacks of cargo containers are seen at port during a strike by International Longshore and Warehouse Union Canada workers in the province of British Columbia, causing significant harm to small businesses across Canada, in Vancouver on July 12, 2023. The Canadian Press/Darryl Dyck

Small businesses in Canada could receive a $3 billion boost if five underfunded workers’ compensation boards (WCBs) across the country rebated their excess funds, according to the latest research snapshot by the Canadian Federation of Independent Business (CFIB).

“Workers’ compensation boards are holding onto billions in extra money, while over half of small businesses (60 percent) are still carrying their pandemic-related debt, at an average of $126,000. Getting excess WCB money back to small businesses would be game-changing,” said Marvin Cruz, CFIB director of research, in a July 20 news release.