September 19, 2019

Mr. Todd Kilpatrick
Chair, Ontario Immigrant Investor Corporation
777 Bay Street, 21st Floor
Toronto, ON M7A 2J3

Dear Mr. Kilpatrick,

I am pleased to write you in your capacity as 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 2019-2020 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 OIIC’s 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

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

Sincerely,

Hon. Victor Fedeli
Minister