TICO reminds registrants to file annual financial statements

The Travel Industry Council of Ontario (TICO) is reminding registrants with year-ends on or after December 1, 2024 – and Ontario Gross Sales of $2 million or greater – to file their annual financial statements.

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.

For a period of four years, from December 1, 2020 to November 30, 2024, registrants with Ontario Gross Sales of $2 million or greater were only required to file a Verification Statement (a self-attestation of financial position), subject to a limited exception.

All registrants who fall in this category will have benefited up to four times from the temporary exemption.

Registrants with Ontario Gross Sales of $2 million or greater whose year-end is on or before November 30, 2024 can still submit a Verification Statement for this year-end cycle, TICO says.

If a registrant is required to prepare an annual financial statement with a Review Engagement Report or Audit Opinion for any other purpose outside of TIA, it is still required to provide this report to TICO.

Registrants can submit to TICO annual financial statements with a Review Engagement Report or an Audit Opinion, as the registrant prefers.

Permanent burden reduction changes (implemented in 2020):

Registrants whose Ontario Gross Sales are less than $2 million can choose to continue to submit a Verification Statement, as this was a permanent change as of March 30, 2020. This permanent change benefits approximately 70% of TICO’s registrants, TICO says.

Registrants whose Ontario Gross Sales are $10 million or greater are not required to submit an Audit Opinion and instead have the option to submit a Review Engagement Report, as this was a permanent change as of March 30, 2020.

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