TORONTO — TICO is reminding registrants that the increase to the Compensation Fund contribution rate from $0.20 to $0.25 per thousand dollars of Ontario sales takes effect April 1.
Last year TICO announced its Board of Directors had approved a phased-in increase over two years. The phased in approach was to provide some relief to registrants. Phase 1 allowed for an increase from $0.15 to $0.20 per thousand dollars of Ontario sales and became effective on July 1, 2016.
The increase approved for Phase 2 of the Compensation Fund Contribution Rate provided for an increase from $0.20 to $0.25 per thousand dollars of Ontario sales effective April 1.
“We understand that the industry is facing difficult challenges. TICO has maintained a strong control over its costs, and this focus will continue. TICO understands the concerns of industry members that the legislation and funding model is dated and needs to be reviewed. Both the Board and Senior Management are committed to continued collaboration with the Ministry to ensure these concerns are understood during the Ontario Government’s comprehensive review of the Travel Industry Act, 2002 and Ontario Regulation 26/05,” said Richard Smart, TICO President & CEO.
“Our goal has been to keep fees to registrants as low as possible while ensuring that TICO has appropriate resources to execute its consumer protection mandate in an efficient and effective manner.”