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What happens if you don't submit your earnings to COID?

by , 01 June 2015
When it comes to paying on time and submitting forms before a deadline, you know that there will always be consequences if you miss them.

Today, we're looking at what happens if you don't meet your COID earnings deadline.

COID deadlines: Miss them and suffer these consquences

So, if you don't submit your statement of earnings to the Compensation Commissioner in the prescribed period, he will assess your business based on his estimation of your earnings (Section 83.6.a)

This means you will be fined 10% of the amount that is assessed (Section 83.6.b). If later on it appears that your actual earnings were more than what was estimated, a fine of 10% of the difference will be imposed (Section 83.6.c).

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But if later on it appears that your actual earnings were less than what was estimated, an adjustment will be made (Section 83.6.d). If you don't pay your tariff, you will be fined 10% of the outstanding amount (Section 87.1).

If you don't pay your tariff and one of your workers has an accident at work, you may pay a fine as well as other penalties. The fine will not be more that the compensation amount which would be paid for the accident

Keep in mind that if you can prove that your non-payment was not willful, or was because of something you had no control over, you may be allowed to pay the penalties in installments and the fine might not be imposed (Section 87.2)

Must you keep records of your COID dealings?

Note that you must keep records of all the statements submitted to the Compensation Commissioner, your assessment that you receive from the Commissioner, as well as the payments that you make to the Commissioner. You should keep these documents for a minimum of five years, but it's recommended that you keep them for seven.

Here is a list of the COID documents you must keep on record

•  Return of earnings
•  Assessments from the Commissioner
•  Copies of Letter of Good Standing
•  Claims that have been made for injured workers to the Commissioner
•  Payment that have been made to the worker from the Commissioner (if possible)
•  Database of reported injuries
•  A trend analysis of all injuries including first aid treated injuries

Make sure that all your records are properly dated and that you have both electronic and hard copy versions.

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