TICO Compensation Fund Transition Assessments and Payment Schedule
On February 1, 2024, TICO announced a transition to a new funding framework and fee model. The new fee model will take effect as of April 1, 2024.
As registrants have year-ends throughout the year, there will be a period of transition as the new fees come into effect.
Please see below for more information about when your Compensation Fund assessment will be due, based on your company’s year-end.
Registrants with fiscal year-ends between October 1, 2023 and March 31, 2024
- For your current fiscal year-end (up to March 31, 2024), you will continue to calculate Compensation Fund assessments at the current level of $0.25/$1,000 in Ontario Gross Sales based on the last six months.
- Your 2024 annual registration renewal fee will also be based on the existing fee model. An invoice will be sent to you approximately 60-days prior to the payment due date.
- Your 2024 annual registration renewal fee will also be based on the existing fee model. An invoice will be sent to you approximately 60-days prior to the payment due date.
- Starting on April 1, 2024, you will no longer have a mid-year Compensation Fund assessment due.
- In 2025, you will calculate your Compensation Fund assessment for the full year at the new reduced rate of $0.05/$1,000 in Ontario Gross Sales.
- In 2025, your annual registration renewal fee will be based on the new fee model.
- Registrants who have branch offices will continue to have an annual registration renewal fee of $300 for each branch office.
|
Fiscal year-end |
Year-end filing due (90 days after year-end) |
Compensation Fund assessment |
Mid-year date |
Mid-year filing due |
Next Compensation Fund assessment due (90 days after year-end) |
|
October 2023 |
January 2024 |
$0.25/$1,000 in Ontario Gross Sales for the last six months (covering May 2023 to October 2023) |
April 2024 |
No more mid-year filings |
January 2025 based on full year at $0.05/$1,000 in Ontario Gross Sales (covering November 2023 to October 2024) |
|
November 2023 |
February 2024 |
$0.25/$1,000 in Ontario Gross Sales for the last six months (covering June 2023 to November 2023) |
May 2024 |
No more mid-year filings |
February 2025 based on full year at $0.05/$1,000 in Ontario Gross Sales (covering December 2023 to November 2024) |
|
December 2023 |
March 2024 |
$0.25/$1,000 in Ontario Gross Sales for the last six months (covering July 2023 to December 2023) |
June 2024 |
No more mid-year filings |
March 2025 based on full year at $0.05/$1,000 in Ontario Gross Sales (covering January 2024 to December 2024) |
|
January 2024 |
April 2024 |
$0.25/$1,000 in Ontario Gross Sales for the last six months (covering August 2023 to January 2024) |
July 2024 |
No more mid-year filings |
April 2025 based on full year at $0.05/$1,000 in Ontario Gross Sales (covering February 2024 to January 2025) |
|
February 2024 |
May 2024 |
$0.25/$1,000 in Ontario Gross Sales for the last six months (covering September 2023 to February 2024) |
August 2024 |
No more mid-year filings |
May 2025 based on full year at $0.05/$1,000 in Ontario Gross Sales (covering March 2024 to February 2025) |
|
March 2024 |
June 2024 |
$0.25/$1,000 in Ontario Gross Sales for the last six months (covering October 2023 to March 2024) |
September 2024 |
No more mid-year filings |
June 2025 based on full year at $0.05/$1,000 in Ontario Gross Sales (covering April 2024 to March 2025) |
Registrants with fiscal year-ends between April 1, 2024 and September 30, 2024
- This group of registrants will continue to pay a mid-year Compensation Fund assessment for their current fiscal year (mid-year ending October 1, 2023 to March 31, 2024) at $0.25/$1,000 in Ontario Gross Sales for the last six months.
- To avoid paying twice on the same assessment period, registrants with year-ends during this timeframe require a transitional adjustment. Your 2024 year-end Compensation Fund assessment will be based on the new fee model of $0.05/$1,000 in Ontario Gross Sales.
- Because of the transition, this year’s assessment will be based on the last six months of this fiscal year (as opposed to 12 months as required under the new fee model) of Ontario Gross Sales.
- Your 2024 annual registration renewal fee will also be based on the new fee model. An invoice will be sent to you approximately 60-days prior to the payment due date.
- Registrants who have branch offices will continue to have an annual registration renewal fee of $300 each.
- After your 2024 year-end Compensation Fund assessment, your next Compensation Fund assessment won’t be due for a full year (no more mid-year filings). In 2025, you will calculate your Compensation Fund assessment for the full 12 months of the 2025 fiscal year at the new reduced rate of $0.05/$1,000 in Ontario Gross Sales.
|
Fiscal year-end |
Mid-year date |
Mid-year filing due (90 days after mid-year) |
Compensation Fund assessment due for mid-year filing |
Year-end filing due (90 days after year-end) |
Compensation Fund assessment due for year-end filing |
Next Compensation Fund assessment after 2024 due |
|
April 2024 |
October 2023 |
January 2024 |
$0.25/$1,000 in Ontario Gross Sales for the first six months of your fiscal year (covering May 2023 to October 2023) |
July 2024 |
$0.05/$1,000 in Ontario Gross Sales for the last six months (covering November 2023 to April 2024) |
July 2025 based on full year at $0.05/$1,000 in Ontario Gross Sales (covering May 2024 to April 2025) No mid-year filing |
|
May 2024 |
November 2023 |
February 2024 |
$0.25/$1,000 in Ontario Gross Sales for the first six months of your fiscal year (covering June 2023 to November 2023) |
August 2024 |
$0.05/$1,000 in Ontario Gross Sales for the last six months (covering December 2023 to May 2024) |
August 2025 based on full year at $0.05/$1,000 in Ontario Gross Sales (covering June 2024 to May 2025) No mid-year filing |
|
June 2024 |
December 2023 |
March 2024 |
$0.25/$1,000 in Ontario Gross Sales for the first six months of your fiscal year (covering July 2023 to December 2023) |
September 2024 |
$0.05/$1,000 in Ontario Gross Sales for the last six months (covering January 2024 to June 2024) |
September 2025 based on full year at $0.05/$1,000 in Ontario Gross Sales (covering July 2024 to June 2025) No mid-year filing |
|
July 2024 |
January 2024 |
April 2024 |
$0.25/$1,000 in Ontario Gross Sales for the first six months of your fiscal year (covering August 2023 to January 2024) |
October 2024 |
$0.05/$1,000 in Ontario Gross Sales for the last six months (covering February 2024 to July 2024) |
October 2025 based on full year at $0.05/$1,000 in Ontario Gross Sales (covering August 2024 to July 2025) No mid-year filing |
|
August 2024 |
February 2024 |
May 2024 |
$0.25/$1,000 in Ontario Gross Sales for the first six months of your fiscal year (covering September 2023 to February 2024) |
November 2024 |
$0.05/$1,000 in Ontario Gross Sales for the last six months (covering March 2024 to August 2024) |
November 2025 based on full year at $0.05/$1,000 in Ontario Gross Sales (covering September 2024 to August 2025) No mid-year filing |
|
September 2024 |
March 2024 |
June 2024 |
$0.25/$1,000 in Ontario Gross Sales for the first six months of your fiscal year (covering October 2023 to March 2024) |
December 2024 |
$0.05/$1,000 in Ontario Gross Sales for the last six months (covering April 2024 to September 2024) |
December 2025 based on full year at $0.05/$1,000 in Ontario Gross Sales (covering October 2024 to September 2025) No mid-year filing |
For fiscal year-ends after October 1, 2024 (transition period complete)
- As of October 1, 2024, the transition period to the new fee model will be complete.
- Registrants with year-ends on or after October 1, 2024 will calculate their Compensation Fund assessment for the full year at the new reduced rate of $0.05/$1,000 in Ontario Gross Sales.
- Annual registration renewal fees will be based on the new fee model. An invoice will be sent to you approximately 60-days prior to the payment due date.
- Registrants who have branch offices will continue to have an annual registration renewal fee of $300 for each branch office.
- As a burden reduction measure, mid-year filings will be completely phased out – Compensation Fund assessments will only be due once per year.
|
Fiscal year-end |
Year-end filing due |
Compensation Fund assessment |
|
October 2024 |
January 2025 |
$0.05/$1,000 in Ontario Gross Sales covering November 2023 to October 2024 |
|
November 2024 |
February 2025 |
$0.05/$1,000 in Ontario Gross Sales covering December 2023 to November 2024 |
|
December 2024 |
March 2025 |
$0.05/$1,000 in Ontario Gross Sales covering January 2024 to December 2024 |
|
January 2025 |
April 2025 |
$0.05/$1,000 in Ontario Gross Sales covering February 2024 to January 2025 |
|
February 2025 |
May 2025 |
$0.05/$1,000 in Ontario Gross Sales covering March 2024 to February 2025 |
|
March 2025 |
June 2025 |
$0.05/$1,000 in Ontario Gross Sales covering April 2024 to March 2025 |
|
April 2025 |
July 2025 |
$0.05/$1,000 in Ontario Gross Sales covering May 2024 to April 2025 |
|
May 2025 |
August 2025 |
$0.05/$1,000 in Ontario Gross Sales covering June 2024 to May 2025 |
|
June 2025 |
September 2025 |
$0.05/$1,000 in Ontario Gross Sales covering July 2024 to June 2025 |
|
July 2025 |
October 2025 |
$0.05/$1,000 in Ontario Gross Sales covering August 2024 to July 2025 |
|
August 2025 |
November 2025 |
$0.05/$1,000 in Ontario Gross Sales covering September 2024 to August 2025 |
|
September 2025 |
December 2025 |
$0.05/$1,000 in Ontario Gross Sales covering October 2024 to September 2025 |
Questions?
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