TICO approves 43 claims, brings back renewal fees and Comp Fund assessments

TICO approves 43 claims, brings back renewal fees and Comp Fund assessments

MISSISSAUGA — TICO has announced that it approved 43 claims against the Ontario Travel Compensation Fund on Dec. 20, 2022.

Totalling $201,928, the approved claims will assist 86 consumers who did not receive the travel services for which they paid.

The claims are as follows:

  • Jacco Tours: 12 claims to assist 26 consumers, totalling $11,515
  • Jet Airways: 2 claims to assist 8 consumers, totalling $12,386
  • Sunmed Holidays Inc.: 1 claim to assist 2 consumers, totalling $800
  • Crystal Cruises: 28 claims to assist 50 consumers, totalling $177,227

In addition, one claim was denied:

  • Crystal Cruises: 1 claim for 2 consumers totalling $10,000, as the services were available to have been received and a credit was issued as a goodwill gesture

 

REMINDER: RENEWAL FEES

TICO is also reminding registrants that renewal fees and Compensation Fund assessments will be resuming on April 1, 2023.

For three years, TICO has waived registrants’ annual registration renewal fees and Compensation Fund assessments, made possible thanks to funding provided by the Ontario government, which will come to an end on March 31, 2023.

As of April 1, 2023, TICO will temporarily revert to the fee structure that was in place prior to the pandemic. This will be in effect until the comprehensive funding framework review is complete. To learn more about the review, TICO’s largest in 25 years, click here.

All registrations with a year-end or six-month period-end on or after Jan. 1, 2023, will have fees owing starting on April 1, 2023:

  • Registration renewal fees: Payable 90 days after fiscal year-end
  • Compensation Fund assessments: Payable semi-annually (Payment 1: 90 days after fiscal year-end; Payment 2: 90 days after fiscal half-year-end)

For a full chart for when fees will be payable, click here.

 

Renewal fee amounts are based on sales volume (Ontario gross sales) and are as follows:

  • $2,000,000 or less: $300
  • More than $2,000,000 but not more than $5,000,000: $600
  • More than $5,000,000 but not more than $10,000,000: $900
  • More than $10,000,000 but not more than $50,000,000: $1,200
  • Over $50,000,000: $1,800
  • Branch office(s): $300 each

The renewal fees are for a one-year period and are based on reported gross sales in Ontario during the last fiscal year.

 

COMPENSATION FUND ASSESSMENTS

The retail rate remains at 25 cents per $1,000 of retail sales and the wholesale rate also remains at 25 cents per $1,000 of wholesale sales. They are based on reported gross sales in Ontario during the last half-fiscal year. For more information about Compensation Fund assessments, please click here.

For more information email tico@tico.ca.