Filing requirements for Financial Statements and Verification Statements

Pursuant to Section 22 of the Regulation 101/20, depending on their gross Ontario sales during the previous fiscal year, every registrant must file either Financial Statements or a Verification Statement as follows:

 

  • 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 sales below $2 million per annum, either a Verification Statement is required or annual Financial Statements that meet the requirements of the Regulation for reporting to the Registrar.  The Verification Statement (see link below) requires financial information such as Sales, Working Capital and Trust Position, however, does not require attestation by a Licensed Public Accountant (LPA), and can be prepared internally and attested to by the Registrant/Director/Officer or Partner of the company/entity. 

For Registrants with sales in excess of $2 million per annum a Review Engagement Report is required.    The review engagement report 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, and annual gross Ontario 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.

If the registrant's sales are greater than $20,000,000 annually, and it operates either separately as a retailer, a wholesaler, or both as a retailer and a wholesaler is required to file Financial Statements for their year-end under a Review Engagement Report.   

The Registrant with sales greater than $20,000,000 annually are also required to file quarterly Financial Statements.

All Financial Statements should be complete and include a balance sheet, income statement, disclose the gross Ontario 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 the Financial Statements and the 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 the Financial Statements and the Verification Statements often is the basis for TICO's on site inspection program.

To download a copy of the Vertification Statement - click here

For useful infomation for Accountants - click here

To access the form Request for Filing Extensions to Verification Statements/Financial Statements  - click here