Minister issues new direction letter on Used Tires Program surplus funds
On April 21, 2020, the Minister of the Environment, Conservation and Parks issued a direction letter to Ontario Tire Stewardship (OTS) requiring surplus funds of the Used Tires Program be returned to stewards following the wind up of OTS.
This direction revises the requirements in the direction issued on April 2, 2019 in regard to how the surplus and residual funds from the Used Tires Program must be managed but does not change any other requirements in the previous direction letters issued to OTS.
OTS must amend its wind-up plan to address the Minister’s direction on surplus funds and submit it to the Authority for approval within 10 weeks of receiving a final ruling from the Canada Revenue Agency on outstanding tax matters.
It is the Minister’s expectation that the amendment be approved by the Authority within 6 weeks of receiving the proposed amendments to the wind-up plan from OTS.