Quarter ended financial report June 30, 2024

Invest in Canada Quarterly Financial Report
1. Introduction
- 1.1 Authority and Mandate
- 1.2 Basis of Presentation
2. Highlights of the Fiscal Quarter and Fiscal Year-to-Date (YTD) Results
- 2.1 Statement of Authorities
- 2.2 Statement of Department Budgetary Expenditures by Standard Object
3. Risks and Uncertainties
- Operational risks
4. Significant Changes in Relation to Operations, Personnel and Programs

Invest in Canada Quarterly Financial Report

For the quarter ended June 30, 2024

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, Invest in Canada’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 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 2024-2025 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 2024-2025is $34 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 12% of total budgetary authorities available for use, which is consistent with total prior year-to-date net budgetary expenditures of the first quarter.

As shown in the below statements, Invest in Canada’s first quarter spending in 2024-25 is approximately $4 million. The expenditures consist of mainly personnel and marketing campaign development costs. 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

Invest in Canada conducts an annual risk assessment exercise as part of its overall risk management approach. Invest in Canada employs risk-based mitigation such as business continuity planning, occupational health and safety planning and people management strategies such as employee engagement surveys and regular employee communication to mitigate these risks.

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

No significant changes to report.

Approved by:

Original Signed by

Laurel Broten
Chief Executive Officer

Original Signed by

Katie Curran
Chief Administrative Officer

Ottawa, Ontario
August 28, 2024

Invest in Canada
Quarterly Financial Report
For the quarter ended June 30, 2024

Statement of Authorities (unaudited)

(in thousands of dollars)	Fiscal Year 2024-25 (in thousands of dollars)		Fiscal Year 2023-24 (in thousands of dollars)
(in thousands of dollars)	Total available for use for the year ending March 31, 2025^*	Used during the quarter ended June 30, 2024	Total available for use for the year ending March 31, 2024^*	Used during the quarter ended June 30, 2023
Budgetary Authorities Vote 1 - Program Expenditures	33,075	4,436	33,986	4,143
Less: Revenues netted against expenditures	-	-	-	-
Total Budgetary Authorities	33,075	4,436	33,986	4,143

*Includes only Authorities available for use and granted by Parliament at quarter-end