Funding Framework & Fee Review: Next Steps

Please see below for a summary of next steps and timelines.

Proposal	Proceed?
Proposal #1: Decrease Compensation Fund payments to $0.05/$1,000 OGS	✔️ - Yes Proceed with April 1, 2024 implementation
Proposal #2: Remove end supplier coverage from the Compensation Fund	✔️ - Yes Proposed that government consider this regulatory change
Proposal #3: Double the maximum Compensation Fund payment per person to $10,000	✔️ - Yes Proposed that government consider this regulatory change
Proposal #4: Recalibrate registrant renewal fees	✔️ - Yes Proceed with April 1, 2024 implementation
Proposal #5: Institute late filing fees	✔️ - Yes Proceed with April 1, 2024 implementation
Consultation consideration: voluntary consumer pay model	❌ - No

As of April 1, 2024, the following fee changes will take place:

Decreased Compensation Fund payments to $0.05/$1,000 from $0.25/$1,000 of Ontario Gross Sales (proposal #1 from consultation).

As a burden reduction measure, Compensation Fund assessments will only be due one time per year, payable within 90 days of year-end. Mid-year filings will no longer be required.

Recalibrated fee bands and a new method for calculating renewal fees.

Ontario Gross Sales (OGS) continues to be the basis for calculating fees. (proposal #4 from consultation).

New late filing fees (proposal #5 from consultation).

Type	Late Fee
Annual financial filing (due within 90 days of year-end)	$100
Registration renewal (due within 90 days of year-end)	$100
Notice of business change (due within 5 days of change)	$25

When will my fees change?

To see detailed information about the transition schedule, please click here.

If your year-end is on or after April 1, 2024 – you will calculate your renewal fee and Compensation Fund assessment based on the new fee model.

Compensation Fund assessment - $0.05/$1,000 OGS.
Renewal fee based on the new fee bands, calculated using OGS reported on your last financial filing.
You can estimate your fees using TICO’s fee estimate calculator. You will continue to receive an invoice for renewal fees approximately 60 days prior to your payment due date. More information will be posted on TICO’s website soon.
Payments are due to TICO within 90 days of year-end and must be accompanied with a Form 1 submission.

If your year-end is on or before March 31, 2024 – your renewal fee and Compensation Fund assessment will be based on the existing fee model .

Compensation Fund assessment - $0.25/$1,000 OGS.
Renewal fee based on existing fee bands.
Payments are due to TICO within 90 days of year-end and must be accompanied with a Form 1 submission.
The new fee model will take effect for your 2024/2025 renewal cycle.

Questions?

Please contact tico@tico.ca.