Under the Transaction Fee Program, when are fees remitted to OMVIC?

Under the Transaction Fee Program, fees are remitted to OMVIC annually with the registration renewal. This means that dealers are required to submit their transaction fees as part of their overall registration process each year. This approach simplifies the payment process, allowing dealers to consolidate their regulatory obligations into a single payment rather than remitting fees on a more frequent basis.

By requiring annual payments, dealers can plan for these expenses in advance instead of dealing with irregular monthly or quarterly remittances, which might complicate cash flow management. Additionally, it streamlines OMVIC's administrative processes, as they can collect these fees in bulk during the registration renewal period rather than handling multiple transactions throughout the year.