Canada / Quebec IIP Regulation Amendments

On 26th June 2010, ending months of rumors and speculations, the Canada Gazette has published the proposed changes regarding the Federal Immigrant Investor Program. The Government of Canada proposes that amendments be made to the definition of “Investor” and “Investment” in section 88 of the Regulations that would:

– Increase the investment amount from $400,000 CAD to $800,000 CAD, and

– Increase the required Net Worth amount from $800,000 CAD to $1,600,000 CAD.

The proposed regulatory amendments to the definitions of “Investor” and “Investment” applicable to Business Immigrants in Division 2 of Part 6 of the Immigration and Refugee Protection Regulations where not specified in the Gazette.

As a result:

Federal Investor Applications Administrative Pause – Moratorium
After June 26, 2010 no more Federal IIP applications will be accepted. This temporary measure will stay valid until the proposed changes get implemented. Timeframe for implementation has not been established yet.

Priority Processing
Federal IIP applications received after the changes are enforced will be processed simultaneously with those applications received prior to June 26th 2010 at a ratio consistent with operating requirements.

Canada-Quebec Accord
Due to the Canada-Quebec Accord, Quebec will be synchronizing any increase to net worth & investment requirements with those of the Federal government. However, Quebec’s MICC has decided for the moment NOT to implement a moratorium on the Investor Program and WILL CONTINUE accepting complete files only, under the actual legislation until the new proposed changes are in force.

Other Classes
Other Visa Classes have also been included in the Ministerial Instructions to read more visit the Canada Gazette site.

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