Ontario travel regulator TICO is reminding all registrants that the increase to the Compensation Fund Contribution Rate from $0.20 to $0.25 per thousand dollars of Ontario sales becomes effective 1APR, 2017.
Last year, TICO announced its Board of Directors had approved a phased-in increase over two years. Phase 1 allowed for an increase from $0.15 to $0.20 per thousand dollars of Ontario sales and became effective on 1JUL, 2016. The 1 APR increase is Phase 2.
"We understand that the industry is facing difficult challenges,” says Richard Smart, TICO President & CEO. “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."