Travel Industry Council of Ontario (TICO) registered wholesalers now have the option of depositing all sales of travel services into their Travel Industry Act trust bank account, including sales made to out-of-province retailers.

The new provision went into effect June 21, though wholesalers may choose to continue to maintain a separate account for Ontario sales, if preferred.

TICO registered wholesalers have had to maintain a separate trust account dedicated to sales to Ontario retailers while sales made to out-of-province retailers had to be deposited into a separate bank account.

“We understand from industry that this requirement was at times onerous and costly to implement and maintain… As the travel industry continues to evolve, TICO continuously looks for opportunities to reduce burden on Ontario registrants while ensuring a fair and trusted marketplace for consumers,” Ontario Registrar Dorian Werda said in a statement.

TICO notes that, as before, only sales to Ontario retailers will be counted towards FORM 1/Compensation Fund assessments. Sales to out-of-province retailers, even if deposited into the Travel Industry Act trust bank account, will not count as Ontario Gross Sales.

And TICO reminds that any changes to banking information must be disclosed to TICO prior to account opening with an Ontario financial institution, as defined in Ontario Regulation 26/05.