WSPS.CA | 2022 Annual Report | 21
Workplace Safety & Prevention Services
Notes to Financial Statements
March 31, 2023
5
5 Capital assets
2023 2022
Cost
$
Accumulated
amortization
$
Net
$
Net
$
Computer equipment
26,381 4,397 21,984 -
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 $178,730 (2022 – $155,167).
7 Exit benefits
Effective January 1, 1991, the former IAPA implemented an exit benefits plan under which all employees hired
prior to July 1, 2006 were eligible to receive payment on retirement or separation equal to one week's salary for
each year of service. This plan was discontinued effective January 1, 2009 and employees were given the
option of being paid out or deferring payment until their termination. Payouts are based on the current salary at
the time of payment.
8 Employee future benefits
The Corporation's employee future benefits comprise:
2023
$
2022
$
Post-retirement plan 15,043,300 18,366,800
Employees'
Supplementary pension plan 1,339,000 1,586,000
16,382,300 19,952,800
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, 2023.
