27 Mar
The Travel Industry Council of Ontario (TICO) plays a vital role in protecting consumers and ensuring fair, transparent practices in Ontario’s travel industry. As part of its compliance framework, TICO requires all registered travel agencies and wholesalers to file annual financial statements — and in most cases, these statements must be accompanied by a Review Engagement Report issued by a licensed CPA firm.
After a temporary exemption during the COVID-19 pandemic, this requirement has been fully reinstated starting from fiscal year 2025. If you own or manage a travel agency in Ontario, understanding this requirement — and preparing early — is crucial to staying compliant and avoiding registration issues.
A Review Engagement is a type of assurance engagement performed by a CPA firm to provide limited assurance that a company’s financial statements are free from material misstatement.
Unlike an audit (which offers high assurance), a review focuses on inquiries and analytical procedures, making it more cost-effective while still meeting regulatory expectations.
For TICO registrants, the review report must include:
Financial statements prepared under ASPE (Accounting Standards for Private Enterprises)
A Review Engagement Report signed by a licensed CPA
Appropriate disclosures on trust accounts, prepaid customer funds, and liabilities
Notes explaining key accounting policies and compliance details
Under TICO regulations, all registered retail travel agencies and wholesalers must file annual financial statements reviewed or audited by a CPA.
Key points to note:
The filing deadline is within 3 months after your fiscal year-end
Agencies that handle client trust accounts or prepaid customer deposits are not eligible to file a Compilation (Notice to Reader).
Failing to file by the deadline may result in registration suspension or non-renewal.
At Z&C CPA Professional Corporation, our team has extensive experience assisting Ontario travel agencies with TICO-compliant reviews.
We understand TICO’s key focus areas, including:
✅ Correct presentation of client trust funds
✅ Clear segregation of prepaid customer deposits
✅ Consistent disclosure between your financial statements and TICO reconciliation forms
✅ Efficient turnaround — ensuring your filing is completed before the deadline
Our services include:
Review Engagements (TICO-compliant)
Compilation (CSRS 4200) and corporate tax filing (T2)
Bookkeeping and trust reconciliation
Advisory on TICO compliance and financial reporting best practices
We work collaboratively with agency owners and internal bookkeepers to ensure your submission meets both TICO and CPA professional standards — while keeping the process simple and stress-free.
Don’t wait until the last minute — reach out early to ensure a smooth process.
Contact Z&C CPA today for a tailored quote and checklist.
Let’s help your travel agency stay compliant, organized, and ready for growth.
Z&C CPA Professional Corporation
Serving Ontario Businesses | Licensed CPA Firm
www.zccpa.ca | ✉️ info@zccpa.ca