After three years of waiving its annual registration fee, the Travel Industry Council of Ontario (TICO) has reinstated the fees for 2023. The organization is also launching a comprehensive review of its funding model and Compensation Fund.
“Since the beginning of the COVID-19 pandemic, TICO has worked diligently to support Ontario’s travel agencies and tour operators,” the organization said in its announcement of the 2023 fees. Part of that was waiving the annual registration renewal fees and Compensation Fund assessments, thanks primarily to temporary funding from the Ontario government.
“This allowed registrants to focus on their priority business needs without the added financial stress of meeting certain payment obligations with TICO.”
With the travel industry quickly rebounding, TICO is bringing back annual fees, starting April 1, 2023.
From April 1, TICO will temporarily revert to the fee structure that was in place prior to the pandemic. This will be in effect until a comprehensive funding framework review is complete.
All registrants with a year-end or six-month period-end on or after January 1, 2023 will have fees owing of:
Ontario gross sales of $2 million or less – $300
Ontario gross sales of more than $2 million but not more than $5 million – $600
Ontario gross sales of more than $5 million but not more than $10 million – $900
Ontario gross sales of more than $10 million but not more than $50 million – $1,200
Ontario gross sales of more than $50 million – $1,800
Branch office(s) – $300 each
Compensation Fund Assessments
The retail rate remains at 25 centers per $1,000 of retail sales and the wholesale rate also remains at 25 cents per $1,000 of wholesale sales.
Comprehensive Funding Review
Beginning immediately, TICO has hired Optimus SBR to lead an end-to-end review of the TICO’s current funding framework, as well as a review of the Compensation Fund.
Optimus will consider all available options around an innovative funding model that meets the needs of consumer protection. Integral to the review will be stakeholder input. (Travel advisor interested in providing feedback can email firstname.lastname@example.org.
Optimus will provide a recommended approach to TICO’s management for a future funding model by the end of 2022.
Following a review by the Board of Directors and consistent with TICO’s Administrative Agreement with the Minister of Public and Business Service Delivery, recommendations will be provided to the Minister, detailing any proposed changes to the current funding framework and fee model. TICO is also committed to a comprehensive sector consultation with registrants and industry groups about any proposed changes, with this expected to take place in 2023.