What It Means for Your Dealership in the New Year
In November, OMVIC released a bulletin detailing its plans to enhance the annual transaction fee reporting process. The move comes in response to findings emerging out of a comprehensive review, including the recommendations of the Auditor General and a pilot project, in which it was found that some dealers were inaccurately reporting transaction fees for retail transactions.
As of January 6, 2025, dealers are required to fill out and submit a “Transaction Fee Register” upon renewal of their licence which details all transactions subject to the transaction fee.
While the completed Transaction Fee Register is due upon renewal, OMVIC recommends that dealerships keep track of transaction fee applicable transactions on a daily, and at the minimum monthly, basis. This is so dealers can ensure that they have adequate records in the event that they are subject to an OMVIC inspection in between renewal periods.
It is important to note that any dealers renewing their licence after January 6, 2025 will need to complete the Transaction Fee Register to reflect all transactions subject to the transaction fee conducted during the renewal period. In other words, if you are renewing your licence after January 6, 2025 you must fill out the Transaction Fee Register to account for all transactions, subject to the transaction fee, that you have conducted since your last renewal—not just those completed on or after January 6, 2025.
The Transaction Fee Register form is available for download on our website at: https://tinyurl.com/3twmfnxa
Dealers are also free to create their own excel/CSV document to track transactions, as long as this document contains all the same required fields.
The UCDA has provided the Transaction Fee Register Form to all the Dealer Management Service (DMS) companies with whom we work as well. Dealers using DMS should consult with them as to how best to incorporate this new form into their processes.
Dealers operating exclusively under a wholesaler’s licence will not be required to submit this Form, as they should not have engaged in any transactions for which the transaction fee is applicable.
Members can access a step-by-step guide on how to navigate the Transaction Fee Register changes by following this link: https://tinyurl.com/2bdvzsbf