Question: Where does the funding for the BCIIF and the BCRCF come from?
A: Funding for the BCIIF and BCRCF is provided through an agreement with the federal government under the Immigrant Investor Program.
Question: Are there any fees paid for IIP funds?
A: Although there is no interest charged on the funds, there is a nominal fee that is paid to cover federal government administration. BCIIF is required to return funds to the federal government five years after receipt.
Question: How do IIP funds relate to provincial debt?
A: The Province’s repayment guarantee of IIP funds is considered taxpayer-supported debt. However, when the BCIIF funds venture capital through the BCRCF and provides financing to government projects, debt is offset by the returns that are received through BCIIF’s financing and investment portfolio. Solid fiscal discipline has enabled B.C. to return to consecutive balanced budgets and maintain a Triple-A credit rating.
Question: What happens if the IIP is cancelled?
A: Notice of the cancellation of the federal IIP was provided through the 2014 federal budget. BCIIF continues to receive funding through the IIP as the program continues to wind down. BCIIF continues to meet all of its financial obligations. BCIIF leadership has been engaged in a strategic review of its portfolio in order to continue fund sustainability.