Quarter ended financial report December 31, 2021

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 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.

2.1 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 December) represent 49 percent of total budgetary authorities available for use.  

As shown in the below statements, IiC third quarter and year-to-date expenditures are approximately $3 million more than the year before.  As per the previous year, IiC expects a large portion of its expenditures to occur in Q4 of this fiscal year.