New Minister Wind-Up Direction to OTS

As a result of the resolution of certain outstanding tax matters OTS has with the Canada Revenue Agency (CRA), the amount of surplus funds remaining once all liabilities associated with wind-up have been settled will be more significant than contemplated at the time of writing the Wind-Up Plan. On April 2nd, 2019 OTS was directed by Minister Phillips to revise the approach to managing these surplus funds to return them to tire consumers.

You can read the Minister’s Direction Letter here and the OTS reply here.

OTS will be consulting on options for complying with the Minister’s Direction. Details on consultation opportunities are being developed and will be posted here.

Read the source article at Rethink Tires