TORONTO — TICO has issued a reminder for registrants with year-ends on or after Dec. 1, 2024 and Ontariogross sales of $2 million or more to file their annual financial statements. During the pandemic, the Ontario government amended the General Regulation (O.
Reg. 26/05) under the Travel Industry Act, 2002 (TIA) to reduce burden on Ontario’s registered travel agencies and tour operators and to assist certain travellers impacted by the pandemic. “As communicated in March 2024, the temporary exemption from filing annual financial statements for registrants with Ontario Gross Sales of $2 million or greater will expire as of December 1, 2024,” said TICO in a statement.
Here’s more from TICO ...
December 1, 2024: Expiry of the temporary exemption from filing annual financial statements for registrants with Ontario Gross Sales of $2 million or greater. Permanent burden reduction changes (implemented in 2020): TICO’s statement also included this FAQ: Why is the option to submit a Verification Statement expiring for registrants with Ontario Gross Sales of $2 million or greater? “The regulatory amendment that allowed registrants with Ontario Gross Sales of $2 million or greater to submit a Verification Statement was time-limited, with a view to reduce burden and cost as a result of the pandemic’s significant impacts on the sector,” said TICO. “As consumer demand for travel has recovered to pre-pandemic levels, it’s important for TICO to receive comprehensive fina.
