Earnings Filing Season & Important COID Update
Dear Valued Clients,
As your trusted accounting partner, we are committed to keeping you informed of critical compliance deadlines and regulatory updates. This newsletter highlights the upcoming filing season for the 2023 Return of Earnings, vital information about the Compensation Fund, and employer registration obligations under the Compensation for Occupational Injuries and Diseases Act (COIDA).
FILING SEASON ANNOUNCEMENT
The 2023 Return of Earnings filing season is upon us. The window for submissions opens on 1 April 2024 and will close on 28 June 2024. It’s crucial to prepare your submissions in advance to ensure compliance and avoid any potential penalties.
COMPENSATION FUND OVERVIEW
The Compensation Fund plays a vital role in providing compensation to employees who are injured, contract diseases, or pass away due to their employment. Governed by COIDA 1993 (amended in 1997), the fund ensures that employees are covered for:
- Temporary Total Disablement (TTD)
- Permanent Disablement (PD)
- Medical Costs
- Death benefits
EMPLOYER REGISTRATION & OBLIGATIONS
Who Must Register? All employers with one or more part-time, casual, temporary, or full-time employees must register with the Compensation Fund. This includes any business, farming operation, or organization engaged in various activities. Failure to register constitutes an offense, with the employer required to maintain employee earnings records for at least four years.
RMA Submissions Please note that RMA submissions are due by 28 March 2024. RMA provides specialized coverage for the Mining, Iron, Steel, and Metals industries, differing from the general COID compensation.
HOW WE CAN ASSIST
For Current C2M Payroll and COID Clients: We will be in touch regarding the submission process to ensure seamless compliance with your 2023 Return of Earnings and any related COID obligations.
For Clients Requiring Assistance: If you have not previously engaged us for these services and need support, please contact our offices. Our team is ready to assist with your registration, submission process, and any queries you may have regarding COIDA compliance.
Should you have any questions or require further assistance, please do not hesitate to reach out. Your compliance is our priority, and we are here to support you through these obligations.
Warm regards,
C2M Chartered Accountants