Changes to travel licence renewals and financial reporting
Last updated: February 22, 2019
Wondering about the expiry date or cost of your licence? That’s because we are shifting all the licence renewal dates to align with your financial reporting deadline.
Your next licence renewal deadline is still March 31, 2019. However, when you renew, your new licence will be issued for anywhere between 10 and 21 months. This is because everyone has a different fiscal year end and so it’s going to take some time to get the renewal dates to line up with the financial reporting dates (after March 31, 2019).
The cost may also change – if you are being issued a 21-month licence, you are paying more because your licence is valid for longer.
What do you need to know right now?
We emailed you in mid-February to remind you of your renewal deadline. You can renew your licence in MyAccount.
Your licence will now expire 3 months after your financial year end. For example, if your fiscal year end is December 30, 2019, you next licence renewal deadline will be March 30, 2020.
This means that your licence may be for a time period of 10 to 21 months. Once you’ve renewed, we will email you your licence and your expiry date will be printed directly on it.
We know that you are used to renewing your licence by March 31 of each year. With this new process, after your 2019 renewal, you may not be renewing on March 31.
Continue to watch for emails from us – we will remind you of your deadlines.
Many of you have financial submissions due by March 31, 2019. Submit those in MyAccount.
Down the road, you will have to submit your financial report prior to renewing your licence. There won’t be any extensions.
If you don’t renew your licence, you are not allowed to operate your business.
There are important changes to how you submit your financials and when you renew your travel licence(s) with us.
You can now submit your financial reports online through MyAccount, your online business platform.
We are shifting all the 2020 licence renewal dates to align with your financial reporting deadline.
Your next licence renewal deadline is still March 31, 2019. However, when you renew, your new licence will be issued for anywhere between 10 and 21 months. This is because everyone has a different fiscal year end and we are working towards aligning the renewal dates with your financial reporting (after March 31, 2019). Please understand that the fees will reflect the length of the new licence during this transition.
After this next renewal period, licence renewals will no longer be due by March 31 for everyone. Instead, you will renew your licence at the same time as you submit your financial reports – due within 3 months after your fiscal year end.
There won’t be any extensions. This means that your financials must be in order 90 days after your fiscal year end. You will have to submit your financial report before you can renew your licence and your licence must be renewed on time.
When the transition is over, you will only have to remember one deadline. Everything that you send to us – your licence renewals, Travel Assurance Fund contribution and your financial report – will all be due at the same time.
You only submit information to us once a year (unless you’ve changed your business information).
We heard from you that you wanted a simplified, streamlined process.
Moving transactions online is quicker, convenient and more efficient.
We understand that there have been many changes with your reporting over the years. Our goal is to simplify the reporting and renewal processes, have checks and balances in place to flag possible financial problems, and move all business transactions online. (Don’t worry, you will still be able to call us!)
We understand that there have been many changes with your reporting over the years. Our goal is to simplify the reporting and renewal processes, have checks and balances in place to flag possible financial problems, and move all business transactions online. (Don’t worry, you will still be able to call us!)
We ask for your patience. This is not a simple transition and it’s going to take some time. We know that 2019 will likely be confusing. We promise that we will remind you often of what’s needed and by when. We will send these reminders to the email that you use for your MyAccount User ID so please make sure that you know which email address to check.
If you allow your licence to expire, you will have to fill out a brand-new travel licence application, it’s not a renewal anymore. This application is longer and requires more information. It means that you will also have to begin paying into the Travel Assurance Fund again for three years. We will not be offering extensions.
We send reminders of your deadlines to the email that you use for your MyAccount User ID so please make sure that you get your information in on time.
We know you have a lot to think about when it comes to running your business. We are working towards making the licensing and reporting process quicker and easier for you. We will talk you through each step of the process, be clear about the fees and explain how to submit your financials online. Please watch for those emails and read them carefully. Please let us know if you have new contact information and we must be notified if your fiscal year end date changes.
We anticipate that all the changes will be in place by the end of 2020. Thank you for your patience and trust during this transition period.
If you have questions, please contact our Licensing and Information Services team at 1.888.564.9963 or send us an email to operations@consumerprotectionbc.ca.
