Financial documents
 22. (1) Every registrant shall file with the registrar the financial documents required by the following Table for each fiscal year:  Item   Column 1   Registrant’s sales in Ontario during the previous fiscal year   Column 2   Annual financial documents required   Column 3   Other financial documents required 

  1.   < $2m   Either a verification statement or annual financial statements, as the registrant prefers   n/a 

  2.   $2m - < $10m   Annual financial statements   n/a 

  3.   $10m - < $20m   Annual financial statements   1. For travel agents: semi-annual financial statements   2. For travel wholesalers: quarterly financial statements   3. For registrants who are both travel agents and travel wholesalers: quarterly financial statements 

  4.   $20m +   Annual financial statements   Quarterly financial statements O. Reg. 101/20, s. 1. (1.1) Despite subsection (1), a registrant is not required under that subsection to file an annual financial statement for a fiscal year that ends on or after December 1, 2020 and before December 1, 2024. However, if the registrant is otherwise required to prepare for any purpose an annual financial statement for a fiscal year that ends during that period and the annual financial statement is accompanied by either a review engagement report or an audit opinion prepared by a public accountant licensed under the Public Accounting Act, 2004, the registrant shall file the annual financial statement with the registrar. O. Reg. 675/20, s. 2; O. Reg. 143/22, s. 1. (1.2) If a registrant is not required to file an annual financial statement for a fiscal year that ends on or after December 1, 2020 and before December 1, 2024, the registrant shall instead file a verification statement in accordance with this section. O. Reg. 675/20, s. 2; O. Reg. 143/22, s. 1. (2) The financial documents shall be filed in accordance with the following timelines: 1.  A verification statement or annual financial statements shall be filed within three months after the end of each of the registrant’s fiscal years. 2.  Semi-annual financial statements shall be filed within 45 days after the end of each of the registrant’s fiscal half-years. 3.  Quarterly financial statements shall be filed within 45 days after the end of each of the registrant’s fiscal quarters. O. Reg. 101/20, s. 1. (3) The registrar may grant a registrant an extension to the timelines specified in subsection (2). O. Reg. 101/20, s. 1. (4) A verification statement shall, (a)  set out, (i)  the registrant’s total assets and liabilities at the end of its fiscal year, (ii)  the registrant’s total revenue during its fiscal year, (iii)  the registrant’s total expenses during its fiscal year, and (iv)  any other information required by the registrar; (b)  be in a form approved by the registrar; and (c)  be attested to by, (i)  the registrant, if the registrant is an individual, (ii)  a director or officer of the registrant, if the registrant is a corporation, or (iii)  a partner of the registrant, if the registrant is a partnership. O. Reg. 101/20, s. 1. (5) Annual financial statements, semi-annual financial statements and quarterly financial statements shall include, (a)  a statement of sales in Ontario made during the period to which the financial statements refer; (b)  a balance sheet; (c)  an income statement; (d)  a cash flow statement; and (e)  a reconciliation of the trust accounts maintained under section 27. O. Reg. 101/20, s. 1. (6) Annual financial statements shall be accompanied with either a review engagement report or an audit opinion, as the registrant prefers. The report or opinion shall be prepared by a public accountant licensed under the Public Accounting Act, 2004. O. Reg. 101/20, s. 1. (7) For greater certainty, semi-annual financial statements and quarterly financial statements are not required to be accompanied with a review engagement report or audit opinion. O. Reg. 101/20, s. 1. (8) If additional information is necessary to provide an accurate and complete review of the registrant’s financial position, the registrar may require that the registrant file financial documents that consolidate the registrant’s financial documents with, (a)  the financial documents of another registrant; or (b)  if the registrant is a corporation, with the financial documents of another person who is a shareholder associated with the registrant. O. Reg. 101/20, s. 1. (9) If the registrar has reason to believe that a registrant is in financial difficulty, the registrar may require that the registrant provide to the registrar, (a)  a written statement of the registrant’s current net working capital, if the registrant is not a person described in subsection 24 (4); or (b)  a written statement that the registrant is a person described in subsection 24 (4), if the registrant is such a person. O. Reg. 101/20, s. 1. (10) The registrant shall comply with subsection (8) or (9) within the time that the registrar specifies. O. Reg. 101/20, s. 1. (11) The registrar may require that financial documents filed under subsection (8) or a statement provided under subsection (9) be verified by affidavit. O. Reg. 101/20, s. 1. 23. Revoked: O. Reg. 170/16, s. 4.