Quarter ended financial report September 30, 2021

Introduction
- Authority and Mandate
- Basis of Presentation
Highlights of the Fiscal Quarter and Fiscal Year-to-Date (YTD) Results
- Statement of Authorities
- Statement of Department Budgetary Expenditures by Standard Object
Risks and Uncertainties
Significant Changes in Relation to Operations, Personnel and Programs

For the quarter ended September 30, 2021

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:

promote foreign direct investment in Canada and attract and facilitate that investment; and
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 IiC’s spending authorities granted by Parliament and those used by the IiC, consistent with the Main Estimates, Supplementary Estimates and Treasury Board vote transfers for the 2021-22 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.

IiC 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, IiC’s total authorities available in 2021-22 is $35.9 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 September) represent 27 percent of total budgetary authorities available for use.

As shown in the below statements, IiC second quarter and year-to-date expenditures are consistent with the year before. As per the previous year, IiC expects a large portion of its expenditures to occur in Q3 and Q4 of this fiscal year.

3. Risks and Uncertainties

Operational risks

Although Covid-19 continues to impact many aspects of the Government of Canada and the Canadian economy, IiC has worked to minimize the impacts by actively engaging with investors to explore growth opportunities in Canada. IiC continues to lead in marketing and promotion efforts through targeted digital media campaigns and participating in virtual events. IiC has also strengthened its research and data activities to continue to provide partners and clients with accurate and timely information.

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
Chief Administrative Officer

Ottawa, Ontario
November 29, 2021

Invest in Canada
Quarterly Financial Report
For the quarter ended September 30, 2021

Statement of Authorities (unaudited)

(in thousands of dollars)	Fiscal Year 2021-22 (in thousands of dollars)			Fiscal Year 2020-21 (in thousands of dollars)
(in thousands of dollars)	Total available for use for the year ending March 31, 2022^*	Used during the quarter ended September 30, 2021	Year to date used at quarter-end	Total available for use for the year ending March 31, 2021^*	Used during the quarter ended September 30, 2020	Year to date used at quarter-end
Budgetary Authorities Vote 1 - Program Expenditures	35,987	5,293	9,551	34,292	6,214	9,833
Less: Revenues netted against expenditures	-	-	-	-	-	-
Total Budgetary Authorities	35,987	5,293	9,551	34,292	6,214	9,833

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