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TICO Exam Practice Quiz Questions and
Correct Answers/ Latest Update /
Already Graded
Retail Sales Tax
Ans: Tax required to be shown when advertising a price
Federal Goods and Services Tax
Ans: Tax required to be shown when advertising a price
Compensation Fund
Ans: Covers taxes and is claimed within 6 months of failure
Filing Deadline
Ans: Within 6 months of registrant or supplier failure
Mission Statement of TICO
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Ans: To promote a fair marketplace for confident consumer travel
purchases
Administration Delegation
Ans: Delegated to TICO by the Ministry responsible for consumer
legislation in Ontario
TICO Mandate Groups
Ans: TICO works with suppliers, travel agents, and consumers
Registrar vs. Director
Ans: Registrar cannot act as Director due to supervisory roles
Total Compensation Fund Payout
Ans: $5 million for claims and $2 million for trip completion
Client Notification
TICO Exam Practice Quiz Questions and
Correct Answers/ Latest Update /
Already Graded
Retail Sales Tax
Ans: Tax required to be shown when advertising a price
Federal Goods and Services Tax
Ans: Tax required to be shown when advertising a price
Compensation Fund
Ans: Covers taxes and is claimed within 6 months of failure
Filing Deadline
Ans: Within 6 months of registrant or supplier failure
Mission Statement of TICO
, 2 | Page
Ans: To promote a fair marketplace for confident consumer travel
purchases
Administration Delegation
Ans: Delegated to TICO by the Ministry responsible for consumer
legislation in Ontario
TICO Mandate Groups
Ans: TICO works with suppliers, travel agents, and consumers
Registrar vs. Director
Ans: Registrar cannot act as Director due to supervisory roles
Total Compensation Fund Payout
Ans: $5 million for claims and $2 million for trip completion
Client Notification
