Supporting registrants with additional regulatory amendments

Regulatory changes effective December 1, 2020 include:

Temporarily exempting registrants from filing Annual Financial Statements

Providing a two-year exemption from the requirement to file an annual financial statement accompanied by a review engagement report or audit opinion for medium and large registrants and requiring them to only file a verification statement instead, subject to a limited exception.

• Medium registrants are those with annual Ontario sales between $2M to less than $10M in their previous fiscal year. Large registrants are those with annual Ontario sales of $10M or greater in their previous fiscal year.
• This exemption covers registrants with fiscal year-end dates between December 1, 2020 to November 30, 2022. As such, medium and large registrants who qualify will benefit twice.

Extending the temporary provisions added in March 2020

Extending the temporary provisions implemented on March 30, 2020 beyond their current expiry dates. This would continue to allow: - Registrants who acquire the rights to travel services for resale to continue for an additional year (until March 31, 2022) to choose to provide a voucher or similar document for future redemption towards travel services. - The voucher or similar document provided would be in lieu of a refund or comparable alternate travel services acceptable to the customer if a supplier (e.g., airline or cruise line) fails to provide the travel services on or after March 30, 2020 and that failure is related to COVID-19.

• For two additional years (until March 31, 2024), customers to be eligible to be reimbursed from the Travel Industry Compensation Fund for unredeemed vouchers or similar documents that were issued by a registrant but can’t be redeemed because of the registrant’s failure (e.g., bankruptcy or insolvency) associated with COVID-19.