TORONTO — TICO has made it easier for registrants to pay their Compensation Fund payments by launching new online capabilities.
The online process, which TICO says is similar to making online payments for other bills such as hydro or cable, has been set up with Royal Bank of Canada, CIBC, Toronto Dominion Bank, Bank of Montreal and the Bank of Nova Scotia.
Registrants simply set up TICO ‘FORM1 (COMP.FUND)’ as a new payee in their online banking services.
Online payments can be used for semi-annual Compensation Fund payments (Form 1), as well as for annual TICO registration renewals (online payee name ‘TICO-Reg Renewal’).
If making both payments, registrants must ensure they are made as separate payments using their respective online payee names.
Registrants must still send TICO their completed and signed Form 1 after making their payment online. Payment will not be considered complete until both the payment and the completed and signed form are received.
Completed forms can be sent to email@example.com. It is not necessary to mail the original if sending via email.
“Once you sent up the account number(s), making a payment is fast, easy and convenient,” says TICO. “Registrants can now enjoy the reliability and security associated with online payment systems and avoid the challenges and costs associated with issuing payments by cheque.”
Here are step-by-step instructions on how to set up online payments to TICO:
1. Sign in to your bank’s online banking
2. Select bill payment
3. Select set up payee
4. Search for TICO-Form1 (COMP. FUND) and select
5. Type in your TICO Registration Number as the Payee Account number
6. Make your payment
For more information, contact Annie Tse, Financial Compliance Administrator at (905) 624-6241, 1-888-451-8426 ext. 248, or email ATse@tico.ca.