For the quarter ended June 30, 2022

1. Introduction 

This quarterly report has been prepared by management as required by section 65.1 of the Financial Administration Act and in the form and manner prescribed by the Treasury Board GC 4400 Accounting Standard. It should be read in conjunction with the Main Estimates. This report has not been subject to an external audit or review. 

1.1 Authority and Mandate  

As outlined in the Invest in Canada Act, for the purpose of supporting economic prosperity and stimulating innovation in Canada, IiC’s mandate is to:

  1. promote foreign direct investment in Canada and attract and facilitate that investment; and
  2. coordinate the efforts of the government, the private sector and other stakeholders with respect to foreign direct investment in Canada.

1.2 Basis of Presentation 

This quarterly report has been prepared using an expenditure basis of accounting. The accompanying Statement of Authorities includes Invest in Canada’s spending authorities granted by Parliament and those used by Invest in Canada, consistent with the Main Estimates, Supplementary Estimates and Treasury Board vote transfers for the 2022-2023 fiscal year. This quarterly report has been prepared using a special purpose financial reporting framework designed to meet financial information needs with respect to the use of spending authorities. 

The authority of Parliament is required before money can be spent by the government. Approvals are given in the form of annually approved limits through appropriation acts, or through legislation in the form of statutory spending authority for specific purposes. 

When Parliament is dissolved for the purposes of a general election, section 30 of the Financial Administration Act authorizes the Governor General, under certain conditions, to issue a special warrant authorizing the Government to withdraw funds from the Consolidated Revenue Fund. A special warrant is deemed to be an appropriation for the fiscal year in which it is issued. 

Invest in Canada uses the full accrual method of accounting to prepare and present its annual financial statements that are part of the departmental results reporting process. However, the spending authorities voted by Parliament remain on an expenditure basis. 

2. Highlights of the Fiscal Quarter and Fiscal Year-to-Date (YTD) Results 

2.1 Statement of Authorities 

As reflected in the attached Statement of Authorities, Invest in Canada’s total authorities available in 2022-2023 is $33.6 million. This funding profile is consistent with previous years. 

2.2 Statement of Department Budgetary Expenditures by Standard Object 

As per the attached Budgetary Expenditures by Standard Object, total year-to-date net budgetary expenditures (April to June) represent 16 % of total budgetary authorities available for use.   

As shown in the below statements, Invest in Canada’s first quarter spending is approximately $1 million more than the year before.  The increase is due to increased activities in relation to events, marketing campaigns and investor service business meetings in the first quarter.  As per the previous year, Invest in Canada expects a large portion of its expenditures to occur in Q3 and Q4 of this fiscal year.

3. Risks and Uncertainties 

Operational risks 

Like many federal entities, Invest in Canada had to adapt to new dynamics and challenges brought on by the COVID-19 pandemic. Although the risk was beyond the control of Invest in Canada, mitigation strategies are in place to ensure that the organization adapts and delivers on its mandate while respecting COVID-19 rules and restrictions. Invest in Canada has been fully active and engaged as the organization leverages online tools to engage with companies through virtual site tours, video conferences and events, as well as by amplifying the organization’s digital presence to expand reach and provide partners with the data they need to land investments in their respective markets. Likewise, as pandemic restrictions began to ease, Invest in Canada has adapted its approach to events and site visits to best serve clients and support partners. 

4. Significant Changes in Relation to Operations, Personnel and Programs 

No significant changes to report.

Approved by:

Original Signed by
Katie Curran
Interim Chief Executive Officer

Original Signed by
Assia Turenne
Acting Chief Administrative Officer

Ottawa, Ontario
August 26, 2022


Invest in Canada
Quarterly Financial Report
For the quarter ended June 30, 2022

Statement of Authorities (unaudited)

(in thousands of dollars)  Fiscal Year 2022-23 (in thousands of dollars) Fiscal Year 2021-22 (in thousands of dollars)
Total available for use for the year ending March 31, 2023* Used during the quarter ended June 30, 2022 Total available for use for the year ending March 31, 2022* Used during the quarter ended June 30, 2021

Budgetary Authorities

Vote 1 - Program Expenditures

33,612 5,324 34,272 4,258
Less: Revenues netted against expenditures - - - -
Total Budgetary Authorities 33,612 5,324 34,272 4,258

Invest in Canada is responsible for all employee benefit and pension contributions.

Invest in Canada
Quarterly Financial Report
For the quarter ended June 30, 2022

Budgetary expenditures by Standard Object (unaudited)

(in thousands of dollars)  Fiscal Year 2022-23 (in thousands of dollars) Fiscal Year 2021-22 (in thousands of dollars)
Planned expenditures for the year ending March 31, 2023 Expended during the quarter ended June 30, 2022 Planned expenditures for the year ending March 31, 2022 Expended during the quarter ended June 30, 2021

Expenditures:

Personnel

9,500 2,050 9,000 2,227
Transportation and Communications 250 243 500 6
Information 18,000 2,126 16,000 1,458
Professional and Special Services 5,000 632 8,052 461
Rentals 437 184 100 85
Repair and Maintenance 25 - 120 -
Utilities, Material and Supplies 100 2 200 1
Acquisition of land, buildings and works - - - -
Acquisition of Machinery and Equipment 300 73 300 3
Other Subsidies and Payments - 13 - 16
Total net budgetary expenditures 33,612 5,324 34,272 4,258