Filing Financial Statements

Section 22, Regulation 26/05, requires registrants to file financial documents with TICO.

Please note, there was a time-limited exemption related to financial filings that expired as of December 1, 2024. For more information, please click here.

The financial filing requirements for all businesses are shown in the table below:

Registrant’s sales in Ontario during the previous fiscal year	Annual financial documents required	Other Financial documents required
Less than $2 million	Required: Verification Statement (or Review Engagement Report if the registrant prefers)	N/A
$2 million to less than $10 million	Required: Review Engagement Report or Audit Report, as the registrant prefers	N/A
$10 million to less than $20 million	Required: Review Engagement Report or Audit Report, as the registrant prefers	For travel agents: semi-annual statements For travel wholesalers: quarterly financial statements For registrants who are both travel agents and travel wholesalers: quarterly financial statements.
$20 million or greater	Required: Review Engagement Report or Audit Report, as the registrant prefers	Quarterly financial statements

All annual financial statement and verification statement filings are due within three months after the year-end.
All interim financial statements filings (for registrants with sales greater than $10 million) are due within 45 days after the period end.

For registrants with Ontario gross sales below $2 million per annum in the prior year, filing an annual verification statement is required. The verification statement does not require attestation from a Certified Professional Accountant and can be prepared internally. Alternatively, if the registrant prefers, it can file annual financial statements in the form of a Review Engagement Report or an Audit Report in lieu of the verification statement.

Registrants with Ontario gross sales in excess of $2 million per annum in the prior year are required to file a Review Engagement Report or Audit Report, which must be prepared and signed by a Licenced Public Accountant (LPA) licensed under the Public Accounting Act, 2004.

A registrant who only reports retail sales, with annual Ontario gross sales greater than $10 million but less than $20 million, is required to file semi-annual interim financial statements.

A registrant who reports only wholesale sales, or combined wholesale and retail sales, with annual sales greater than $10 million but less than $20 million, is required to file quarterly financial statements.

A registrant with sales greater than $20 million annually is required to file quarterly financial statements.

The verification statement is available in a PDF fillable form, requiring specific financial information, which can be obtained from the registrant’s financial records. All fields on the form must be filled out even if the balance is nil. No data fields on the verification statement should left blank.

All financial statements in the form of a Review Engagement Report or Audit Report should be complete and include a balance sheet, income statement, disclose the Ontario gross sales either in the income statement or the notes to the financial statements, and a reconciliation of funds held in trust including disclosure of trust account(s) balance(s) and customer obligations and liabilities.

TICO's financial inspectors review financial statements and verification statements to ensure that the registrant is meeting certain financial requirements. Specifically, the statements indicate whether the registrant is maintaining positive levels of working capital and a trust surplus position. This review of financial statements and verification statements is often the basis for TICO's on-site inspection program.

To download a copy of the Verification Statement - click here

For useful infomation for accountants - click here

TICO Late Filing Fees

As of April 1, 2024, TICO instituted new late filing fees to encourage timely submission of required documentation and payment for registration renewals and Compensation Fund filings. This allows TICO to ensure efficient processing without the need for extensive reminders and individual follow-ups.

Type	Late Fee
Annual financial statement filing (due within 90 days of year-end)	$100
Compensation Fund (Form 1) 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

Request for Filing Extension

While registrants must meet the filing requirement outline above, the Registrar has the discretion to grant a filing extension. Extensions are granted sparingly and on a case-by-case basis. Submitting a filing extension request does not guarantee that an extension will be granted. If you are seeking a filing extension, please complete and submit the filing extension request form as early as possible to This email address is being protected from spambots. You need JavaScript enabled to view it.. If the Registrar denies your filing extension request, you are expected to file the required statement(s) by the prescribed deadline. The Registrar will not grant any filing extension requests received after a prescribed deadline has passed. If your filing extension request is granted, you will still be levied a $100 late filing fee.

To access the Request for Filing Extensions Form - click here