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WSPS 2020 Annual Report

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 Workplace Safety & Prevention Services  | 26 Workplace Safety & Prevention Services Notes to Financial Statements March 31, 2021 (5) 5 Capital assets 2021 2020 Cost $ Accumulated amortization $ Net $ Net $ Computer equipment 302,000 251,665 50,335 151,001 Furniture 617,912 617,912 - - Leasehold improvements 2,033,945 2,033,945 - 157,629 2,953,857 2,903,522 50,335 308,630 6 Government remittances Included in accounts payable and accrued liabilities are government remittances including federal and provincial sales tax, payroll withholdings and related tax of $139,863 (2020 – $84,580). 7 Attendance credits payable Prior to January 1, 1991, the former Industrial Accident Prevention Association (IAPA) and prior to January 1, 2001, the former Farm Safety Association (FSA) participated in the WSIB Attendance Credits Plan under which certain employees, based on their accumulated attendance credit days, were provided with payment on retirement or separation. Commencing January 1, 1991, the former IAPA and commencing January 1, 2001, the former FSA was required to discontinue its participation in the WSIB Attendance Credits Plan. Due to past funding arrangements between these corporations and WSIB, it has been agreed WSIB will assume the full liability for attendance credits earned by employees of the Corporation who commenced employment prior to January 1, 1988 (IAPA) and January 1, 1998 (FSA). The Corporation, however, will be liable for attendance credits earned by employees hired between the aforementioned dates and December 31, 1990. Subsequent to December 31, 1990, employees no longer receive this benefit. 8 Employee future benefits The Corporation's employee future benefits comprise: 2021 $ 2020 $ Post-retirement plan 21,448,900 19,920,400 Supplementary pension plan 1,667,000 - 23,115,900 19,920,400 The Corporation provides extended health-care, dental and life insurance benefits to all employees with the cost of these benefits recognized on an accrual basis. The most recently completed actuarial valuation was on March 31, 2020.

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