Dear Valued Clients,
As your trusted accounting partner, we are dedicated to keeping you informed about crucial compliance deadlines and regulatory updates. This newsletter covers the upcoming filing season for the 2024 Return of Earnings, essential information about the Compensation Fund, and employer registration requirements under the Compensation for Occupational Injuries and Diseases Act (COIDA).
FILING SEASON ANNOUNCEMENT
The 2024 Return of Earnings filing season is upon us. Due to the Fund experiencing a delay in its preparatory actions for the 2024 ROE Season, submissions will open on 11 April 2025 and close on 30 June 2025.
Preparing your submissions early is key to ensuring compliance and avoiding penalties.
COMPENSATION FUND OVERVIEW
The Compensation Fund is vital for 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 covers:
- 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 businesses, farming operations, and organizations engaged in various activities. Failure to register is an offense, and employers must maintain employee earnings records for at least four years.
HOW WE CAN ASSIST
For Current C2M Payroll and COID Clients: We will contact you regarding the submission process to ensure seamless compliance with your 2024 Return of Earnings and related COID obligations.
For Clients Needing 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 regarding COIDA compliance.
Should you have any questions or need 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
