How frequently must travel agencies submit their financial statements to TICO?

Travel agencies must submit their financial statements to the Travel Industry Council of Ontario (TICO) on an annual basis. This requirement ensures that TICO can monitor the financial health of travel agencies operating within Ontario, helping to protect consumers and maintain industry integrity. By reviewing these annual financial statements, TICO can identify any potential financial issues that might affect a travel agency's ability to fulfill its obligations to clients and travel arrangements.

While other frequencies such as quarterly, bi-annually, or every five years might seem relevant for various reporting standards or business practices, they do not align with TICO's specific regulatory requirements. Maintaining annual submissions allows TICO to efficiently manage oversight without overwhelming resources, ensuring that agencies are compliant with industry regulations and sound fiscal practices.