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Ontario Immigrant Investor Corporation (OIIC)
Annual Report 2014 - 2015

The Corporation and its Mandate

a) Establishment of the Corporation

The Ontario Immigrant Investor Corporation (OIIC) was incorporated as an operating agency of the Ontario government on April 30, 1999. On June 22, 1999, the Corporation was accepted by the federal government as an approved fund under the Immigrant Investor Program (IIP).

b) Primary Purpose

The OIIC was established to act as the Government of Ontario’s vehicle for receiving and investing Ontario’s share of immigrant investor funds, as required by the federal government under the federal Immigrant Investor Program (IIP). The OIIC’s principal responsibility is to receive and invest Ontario’s share of funds from immigrant investors and to pay back immigrant investors upon the maturity of their investment in five years.

The broad goal of the OIIC is to create or continue employment in Ontario in order to foster the development of a strong and viable economy, consistent with the requirements of the regulations under the federal Immigration and Refugee Protection Act (IRPA).

c) Corporation Status

The 2014 Federal budget announced the termination of the IIP. Citizenship and Immigration Canada (CIC) has indicated to the OIIC through formal estimates that there are 160 total outstanding cases to be processed. CIC is committed to processing these remaining cases, which represents a figure of $29.8M. However, CIC has indicated that the quoted remaining figures are not guaranteed to be approved through the program. This means that the total remaining allocation amount for Ontario may vary from this sum. Ontario can expect to receive its share of the remaining funds by the end of March 2016. The repayment of this allocation to the immigrant investors after five years will occur in 2020-21. Accordingly, the OIIC will remain operational until 2020-21 to meet its obligations under the Immigrant Investor Program and is expected to wind up shortly thereafter.

In February 2015, the OIIC was transferred from the Ministry of Economic Development, Employment, and Infrastructure (MEDEI) to the Ministry of Citizenship and Immigration (MCIIT). OIIC program staff have been working with the OIIC Board of Directors and Officers to finalize the transition of governance roles, program delivery, and financial reporting responsibilities.

d) Governance and Management

The OIIC reports to the Minister of Citizenship, Immigration and International Trade through the Chair of the Board of Directors. There must be at least three members of the Board of Directors in order to meet quorum at all meetings. Board members are appointed by the Lieutenant Governor in Council.  There were four directors serving at fiscal year end March 31, 2015:

Name Position Tenure

Robert Burns

Chair May 12, 2010- July 26, 2016

Susan Guinn

Vice Chair May 17, 2006- July 26, 2016
Cameron Sinclair Director February 8, 2015- April 21, 2018
Tony LaMantia Director October 17, 2012- October 16, 2015

Four executive officers were carrying out the day-to-day operations of OIIC at fiscal year end March 31, 2015:

Name Position Appointment Date

Ramneet Aujla

President July 4, 2014

Lawrence Wagner

Chief Financial Officer January 25, 2013
Sabrina Parnham General Manager July 4, 2014
Jim Sahdra Secretary January 25, 2013

 

Program Operations and Performance:

Ontario has always taken a prudent approach to investment given that the province is obligated to repay funds to the immigrant investors in five years.  Accordingly, similar to other participating provinces, Ontario had previously only utilized the interest accrued on the capital to invest in economic development and job creation. 

In 2014-2015, the OIIC continued to manage investment under the Statement of Investment Policies and Procedures (SIPP) to ensure compliance with the Federal Immigration and Refugee Protection Act. Through the existing Credit Facility/Loan Agreement between the OIIC and the Ontario Infrastructure and Lands Corporation (IO), funds received from OIIC were used towards infrastructure projects and job creation in Ontario. In addition, the OIIC provided information to CIC as per the federal Immigrant Investor program reporting requirements.

For the fiscal year April 1, 2014 to March 31, 2015 OIIC received $75.7M in IIP funds from the federal government. The OIIC loaned $42M of these funds to IO which supported eight economic development projects and created 2,859 jobs. This represents 55.5% of IIP allocations invested in economic development and job creation projects. In August 2014, IO indicated that it will no longer be accepting funds from the OIIC. The Loan Agreement between the OIIC and IO is set to expire on December 23, 2015.

These infrastructure projects will promote economic growth and job creation by building and maintaining healthy infrastructure/roadways, supporting public safety and environmental protection.

Below are examples of IO infrastructure projects funded in 2014-2015:

Recipient Business/Entity Name: Description of Use of Funds Forecasted Projection of the Number of FTE's to be created

Town of Amherstburg

Road construction and repair 274

Town of Essex

Fire station infrastructure expansion & upgrade 137

City of Hamilton

Stadium and other infrastructure construction and renovation

274

City of Vaughan

City infrastructure construction and upgrade 12

City of Thunder Bay

Communication infrastructure - DSLAM deployment

314
 

During this fiscal year, the OIIC continued to use a portion of funds to support previous funding commitments to the Ministry of Research and Innovation, via the Innovation Demonstration Fund (IDF), in its efforts to assist innovative companies to develop emerging technologies.

Financial Operations and Performance:

During the fiscal year ended 2014-2015, the OIIC received Provincial Allocations representing Ontario’s share of payments made by 428 immigrant investors under the Immigrant Investor Program. These funds were deposited into the Corporation’s interest bearing account by the federal government, and then transferred to the Ontario Financing Authority (OFA) for investment.  The investments included loans to IO, fixed income securities issued by the Province of Ontario (maturing between one and five years) and investments to IDF.

A copy of the audited financial statements of the OIIC for the year ended March 31, 2015 follows.