The Authority has approved Ontario Tire Stewardship’s (OTS) plan to return remaining Used Tires Program surplus funds to eligible stewards. The plan was developed by Grant Thornton Limited, the court appointed OTS liquidator, as a Surplus Funds Addendum to the Used Tires Program Wind-Up Plan.
The addendum outlines the amount of surplus funds to be distributed to stewards, a methodology to allocate the funds, and which tire classes are eligible to share in the surplus. The addendum also outlines an approach to address the Minister of the Environment, Conservation and Parks’ direction that the surplus funds returned to stewards be used to benefit consumers.
The interim distribution amount outlined in the approved addendum ($12M) is higher than what was initially proposed ($10M). Following the submission of the addendum in mid-January 2021, OTS received the expected notice of assessment from the CRA. Based on the greater certainty of the amount owed to the CRA, as well as stakeholder feedback received during the consultation process, OTS submitted a revised addendum to the Authority that specified an increase in the interim distribution amount by $2M to a total of $12M.