Immigration and Refugee Protection Regulations (SOR/2002-227)

Regulations are current to 2014-09-15 and last amended on 2014-08-01. Previous Versions

Marginal note:Artificial transactions

 For the purposes of this Division, an investor, an entrepreneur and a self-employed person are not considered to have met the applicable requirements of this Division if the fulfillment of those requirements is based on one or more transactions the purpose of which is to circumvent, directly or indirectly, the requirements of this Division.

Investors

Investor Class

Marginal note:Members of the class
  •  (1) For the purposes of subsection 12(2) of the Act, the investor class is hereby prescribed as a class of persons who may become permanent residents on the basis of their ability to become economically established in Canada and who are investors within the meaning of subsection 88(1).

  • Marginal note:Minimal requirements

    (2) If a foreign national who makes an application as a member of the investor class is not an investor within the meaning of subsection 88(1), the application shall be refused and no further assessment is required.

Fund

Marginal note:Approval by the Minister

 The Minister shall approve a fund if

  • (a) the fund has been approved by a province;

  • (b) the province provides documentation to the Minister stating that, if the fund fails to transfer the provincial allocation to the agent in accordance with paragraph 92(g), the province will be liable to transfer to the agent an amount equal to the provincial allocation in order to repay the investor in accordance with paragraph 92(i);

  • (c) the fund will be the only non-suspended approved fund in the province; and

  • (d) the fund has entered into an agreement with the Minister designating the Minister as agent for the purpose of

    • (i) receiving the provincial allocation and keeping it until the beginning of the allocation period, unless the provincial allocation is repaid under paragraph 92(b),

    • (ii) transferring the provincial allocation to the approved fund at the beginning of the allocation period in accordance with paragraph 92(d), unless the approval of the fund is suspended under subsection 93(1),

    • (iii) preparing and delivering to the investor a debt obligation and notifying the investor of the date of receipt of the provincial allocation at the beginning of the allocation period in accordance with paragraph 92(e),

    • (iv) receiving the provincial allocation transferred by the approved fund at the end of the allocation period in accordance with paragraph 92(g),

    • (v) if the approved fund fails to transfer the provincial allocation under paragraph 92(g), receiving the provincial allocation from the province in accordance with paragraph 92(h), and

    • (vi) repaying the provincial allocation to the investor in accordance with paragraph 92(i).

  • SOR/2010-195, s. 9.
Marginal note:Terms and conditions

 An approved fund is subject to the following terms and conditions:

  • (a) it must receive the provincial allocation through the agent;

  • (b) it must repay the provincial allocation through the agent to the investor within 90 days after the date of receipt by the agent of the request for repayment by the investor, if the request for repayment is received before a permanent resident visa is issued to the investor;

  • (c) it must repay the provincial allocation to the agent within 30 days after the agent informs the fund that the investor has chosen to withdraw their investment before the issuance of a permanent resident visa;

  • (d) if the approval of the fund has not been suspended, it must receive the provincial allocation through the agent on the first day of the allocation period;

  • (e) when it receives the provincial allocation it must

    • (i) on the first day of the allocation period, issue to the investor, through the agent, a debt obligation that is in an amount equal to the provincial allocation, is due and payable 30 days after the expiry of the allocation period, can be pledged as security and cannot be transferred before the expiry of the allocation period without the written consent of the approved fund provided by the agent, and

    • (ii) notify the investor through the agent of the date of receipt of the provincial allocation;

  • (f) during the allocation period, it must use the provincial allocation for the purpose of creating or continuing employment in Canada to foster the development of a strong and viable economy;

  • (g) at the end of the allocation period, it must transfer the provincial allocation to the agent for repayment in accordance with paragraph (i);

  • (h) if the approved fund fails to transfer the provincial allocation to the agent under paragraph (g), the province must transfer an amount equal to the provincial allocation to the agent for repayment in accordance with paragraph (i); and

  • (i) 30 days after the expiry of the allocation period, the agent must repay the provincial allocation to the investor thereby extinguishing the debt obligation in respect of that provincial allocation.

  • SOR/2004-167, s. 32.