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Quarter ended financial report December 31, 2022

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For the quarter ended December 31, 2022

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. 

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.

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. 

Invest in Canada received $33,611,551 in funding through the Main Estimates.  During the second quarter, Invest in Canada received its operating budget carry forward (OBCF) from 2021-22 which represents an increase in authorities of $1,713,578 bringing the total authorities available in 2022-2023 to $35,325,129. This funding profile is consistent with previous years. 

As per the attached Budgetary Expenditures by Standard Object, total year-to-date net budgetary expenditures (April to December) represent 55% of total authorities available for use.   

As shown in the below statements, Invest in Canada’s year-to-date spending is $1,881,229 more than the year before.  The increase is due to expanded activities in relation to events, marketing campaigns and investor service business meetings in the first three quarters.  As per the previous year, Invest in Canada expects a large portion of its expenditures to occur in Q4 of this fiscal year.  

Invest in Canada conducts an annual risk assessment exercise as part of its overall risk management approach. In response to the COVID-19 pandemic, Invest in Canada identified increased enterprise-wide risks including risks to employee physical and mental health. 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.  

No significant changes.

Approved by:

Original Signed by

Laurel Broten
Chief Executive Officer

Original Signed by

Katie Curran
Chief Administrative Officer

Ottawa, Ontario
January 31, 2023

Invest in Canada
Quarterly Financial Report
For the quarter ended December 31, 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 December 31, 2022 Year to date used at quarter-end Total available for use for the year ending March 31, 2022 Used during the quarter ended December 31, 2021 Year to date used at quarter-end

Budgetary Authorities

Vote 1 - Program Expenditures

 35,325 7,973 19,355 35,987 7,923 17,474
Less: Revenues netted against expenditures - -   - -  
Total Budgetary Authorities 35,325 7,973 19,355 35,987 7,923 17,474

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

Invest in Canada
Quarterly Financial Report
For the quarter ended December 31, 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 December 31, 2022 Year to date used at quarter-end Planned expenditures for the year ending March 31, 2022 Expended during the quarter ended December 31, 2021 Year to date used at quarter-end

Expenditures:

Personnel

 9,500 2,468 6,962 9,000 2,231 6,636
Transportation and Communications 250 242 738 500 106 143
Information 19,713 3,802 8,448 17,715 4,406 8,043
Professional and Special Services 5,000 1,241 2,459 8,052 1,000 2,262
Rentals 437 133 525 100 54 206
Repair and Maintenance 25 1 1 120 - 1
Utilities, Material and Supplies 100 6 20 200 29 37
Acquisition of land, buildings and works - - - - (33) -
Acquisition of Machinery and Equipment 300 79 205 300 143 143
Other Subsidies and Payments - 1 (4) - (13) 3
Total net budgetary expenditures 35,325 7,973 19,355 35,987 7,923 17,474
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