The Ontario Immigrant Investor Corporation was dissolved on March 31, 2023.

November 24, 2020
Ms. Patricia Perez
Chair, Ontario Immigrant Investor Corporation
14th Floor, 400 University avenue,
Toronto, Ontario M7A 1T7

Dear Ms. Patricia Perez,

I am pleased to write to you in your capacity as the Chair of the Board of Directors of the Ontario Immigrant Investor Corporation (OIIC). Pursuant to the requirements of the Agencies and Appointments Directive, this letter sets out my expectations for the OIIC for the 2021-2022 fiscal year.

Pursuant to the Development Corporations Act, your agency is mandated to act as the Government of Ontario’s vehicle for investing Ontario’s share of immigrant investor funds under the federal Immigrant Investor Program (IIP). To ensure that the Ontario government meets its obligations to repay immigrant investors under the IIP, I expect the OIIC to focus on

  • effectively managing OIICs expenses to align with the government’s fiscal objectives to ensure the efficiency and sustainability of the Corporation
  • managing the operational, strategic and financial risks encountered by the OIIC to help ensure business objectives are met
  • maintaining an effective system of internal controls and compliance with applicable requirements to ensure transparency and accountability

Beginning in the 2021-2022 fiscal year the Treasury Board Secretariat has also provided six government priorities for Ontario’s agencies to address, where applicable, in their mandate for the year. I expect that the OIIC focus on the priority of Transparency and Accountability by:

  • abiding by applicable government directives and policies and ensuring transparency and accountability in reporting
  • adhering to requirements of the Agencies and Appointment Directive, and responding to audit findings, where applicable
  • identifying appropriate skills, knowledge and experience needed to effectively support the board’s role in agency governance and accountability

To ensure that the OIIC continues to achieve its mandate, I expect that the OIIC will endeavour to meet each of these expectations while ensuring transparency and accountability for Ontarians.

I look forward to continuing to work with you in your capacity as the Chair of the Ontario Immigrant Investor Corporation.

Sincerely,

Hon. Monte McNaughton

Minister