Passport Canada Revolving Fund
Public Accounts of Canada 2016 Volume III—Top of the page Navigation
Statement of management responsibility
We have prepared the accompanying financial statements of the Passport Canada Revolving Fund as required by and in accordance with the Treasury Board Policy on Special Revenue Spending Authorities. These financial statements were prepared by the management of the Fund in accordance with the significant accounting policies set out in note 2 of the financial statements, on a basis consistent with that of the preceding year. Some previous year's figures have been reclassified to conform to the current year's presentation.
Responsibility for the integrity and objectivity of these financial statements rests with the management of the Fund. To ensure maximum objectivity and freedom from bias, the financial data contained in these financial statements is examined by the audit and review committee of the Department in conjunction with their review of the departmental financial statements. The information included in these financial statements is based on management's best estimates and judgment with due consideration given to materiality. To fulfill its accounting and reporting responsibilities, the Fund maintains a set of accounts which provides a centralized record of the Fund's financial transactions. Financial information submitted to the Public Accounts of Canada and included in the department's Departmental Performance Report is consistent with these financial statements.
The Fund's Financial Sector develops and disseminates financial management and accounting policies and issues specific directives which maintain standards of accounting and financial management. The Fund maintains systems of financial management and internal control which gives due consideration to costs, benefits and risks. The systems are designed to provide reasonable assurance that transactions are properly authorized by Parliament, are executed in accordance with prescribed regulations, and are properly recorded to maintain accountability of Government funds and safeguard the assets under the Fund's administration. Financial management and internal control systems are augmented by the maintenance of internal audit programs. The Fund also seeks to ensure the objectivity and integrity of data in its financial statements by the careful selection, training and development of qualified staff, by organizational arrangements that provide appropriate divisions of responsibility, and by communication programs aimed at ensuring that its regulations, policies, standards and managerial authorities are understood throughout the organization.
Management has presented the financial statements to the Auditor, who audited them and has provided an independent opinion which has been appended to these financial statements.
Approved by:
Benoit St-Jean, CPA, CA
Director General
Financial Operations
Immigration, Refugees and Citizenship Canada
Tony Matson, CPA, CMA
Assistant Deputy Minister and
Chief Financial Officer
Immigration, Refugees and Citizenship Canada
May 30, 2016
Ottawa, Canada
Statement of authority provided (unaudited) for the year ended March 31
Table summary
The table presents on a comparative basis the statement of authority provided (used) (unaudited). It consists of five columns: item descriptions, current year with two columns—estimates and actual, and previous year with two columns—estimates and actual. Subtotals are displayed at operating source of funds and totals are displayed at authority (used).
(in thousands of dollars)
2016 | 2015 | |||
---|---|---|---|---|
Estimates | Actual | Estimates | Actual | |
Net results | 244,903 | 253,337 | 294,110 | 290,113 |
Items not requiring use of funds | 7,250 | 6,813 | 10,082 | 8,164 |
Operating source of funds | 252,153 | 260,150 | 304,192 | 298,277 |
Items requiring use of funds | ||||
Net tangible capital assets acquisitions | 20,000 | 76 | 19,338 | 2,851 |
Net other assets and liabilities | – | (negative 1,209) | – | 3,829 |
Investment in modernization initiative–software (Note 13) | 30,000 | 8,866 | 30,662 | 2,625 |
Transition payments for implementing salary payments in arrears | – | 12 | – | 1,585 |
Authority provided | 202,153 | 252,405 | 254,192 | 287,387 |
Reconciliation of unused authority (unaudited) as at March 31
Table summary
The table presents on a comparative basis the reconciliation of unused authority (unaudited). It consists of three columns: item descriptions, current year and previous year. Subtotals are displayed at net authority used (provided) end of year and totals are displayed at the unused authority carried forward.
(in thousands of dollars)
2016 | 2015 | |
---|---|---|
Debit balance in the accumulated net charge against the Fund's authority | 753,805 | 426,695 |
Payables charged against the Fund at year-end | (negative 46,390) | (negative 56,871) |
Receivables credited to the Fund at year-end | 9,608 | 12,908 |
Cumulative amounts credited to the Fund for expenses paid on behalf of other government departmentsLink to footnote 1 | – | 81,886 |
Net authority provided, end of year | 717,023 | 464,618 |
Authority limit | – | – |
Unused authority carried forward | 717,023 | 464,618 |
Independent Auditors' Report
To the Assistant Deputy Minister and Chief Financial Officer, Immigration, Refugees and Citizenship Canada
We have audited the accompanying financial statements of Passport Canada Revolving Fund, which comprise the statement of financial position as at March 31, 2016, the statements of operations and changes in net assets (liabilities) and cash flows for the year then ended, and notes, comprising a summary of significant accounting policies and other explanatory information. These financial statements have been prepared by management in accordance with section 6, subsection 4 of the Treasury Board of Canada's Policy on Special Revenue Spending Authorities.
Management's responsibility for the financial statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with the reporting requirements of section 6, subsection 4 of the Treasury Board of Canada's Policy on Special Revenue Spending Authorities, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor's responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity's preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial position of Passport Canada Revolving Fund as at March 31, 2015, and its results of operations and its cash flows for the year then ended, in accordance with the reporting requirements of section 6, subsection 4 of the Treasury Board of Canada's Policy on Special Revenue Spending Authorities.
Basis of accounting and restriction on use
Without modifying our opinion, we draw attention to note 2 to the financial statements which describe the basis of accounting. The financial statements are prepared solely for the information and use of the management of the Revolving Fund, Assistant Deputy Minister and Chief Financial Officer, Citizenship and Immigration Canada and the Treasury Board of Canada Secretariat for reporting on the use of the Revolving Fund authority. The financial statements are not intended to be and should not be used by anyone other than the specified users or for any other purpose.
KPMG LLP
Chartered Professional Accountants,
Licensed Public Accountants
May 30, 2016
Ottawa, Canada
Statement of financial position as at March 31
Table summary
The table presents on a comparative basis the statement of financial position. It consists of three columns: item descriptions, current year and previous year. Item descriptions are grouped in two: assets and liabilities, both displaying totals. Current item descriptions are grouped together for assets and for liabilities, both displaying subtotals. Subtotals are displayed for current assets, long-term assets, current liabilities and long-term liabilities.
(in thousands of dollars)
2016 | 2015 | |
---|---|---|
Assets | ||
Financial assets | ||
Accounts receivable and advances (Note 4) | 10,486 | 13,773 |
Prepaid expenses | 637 | 772 |
Inventories (Note 5) | 16,992 | 17,381 |
Subtotal | 28,115 | 31,926 |
Non-financial assets | ||
Tangible capital assets (Note 6) | 11,803 | 17,752 |
Total | 39,918 | 49,678 |
Liabilities | ||
Current liabilities | ||
Accounts payable and accrued liabilities (Note 7) | 49,436 | 59,148 |
Employee termination benefits | – | 72 |
Subtotal | 49,436 | 59,220 |
Long-term liabilities | ||
Employee termination benefits | 3,098 | 2,850 |
Total | 52,534 | 62,070 |
Net assets (liabilities) (Note 8) | (negative 12,616) | (negative 12,392) |
Total | 39,918 | 49,678 |
Statement of operations and net assets (liabilities) for the year ended March 31
Table summary
The table presents on a comparative basis the statement of operations and net assets. It consists of three columns: item descriptions, current year and previous year. Item descriptions for revenues and for expenses are grouped together, each displaying subtotals. Subtotals for revenues, net of expenses are displayed at net results and totals are displayed at net assets end of year.
(in thousands of dollars)
2016 | 2015 | |
---|---|---|
Revenues | ||
Fees earned | 610,207 | 644,903 |
Miscellaneous revenues | 252 | 245 |
Subtotal | 610,459 | 645,148 |
Expenses | ||
Professional and special services (Note 3 and Note 11) | 203,597 | 199,926 |
Salaries and employee benefits (Note 3) | 62,196 | 55,972 |
Freight, express and cartage | 32,792 | 34,281 |
Passport materials | 30,564 | 34,116 |
Repair and maintenance (Note 3) | 7,322 | 6,532 |
Accommodation | 4,363 | 4,656 |
Passport operations at missions abroad | 4,337 | 4,339 |
Amortization of tangible capital assets | 4,032 | 5,415 |
Printing, stationery and supplies | 2,779 | 4,148 |
Information | 2,192 | 2,957 |
Loss on disposal of tangible capital assets | 1,993 | 1,904 |
Travel and removal | 394 | 333 |
Provision for employee termination benefits (Note 3) | 248 | 292 |
Postal services and postage | 240 | 59 |
Rentals | 58 | 65 |
Utility | 2 | 23 |
Telecommunications | 1 | 8 |
Other | 12 | 9 |
Subtotal | 357,122 | 355,035 |
Net results | 253,337 | 290,113 |
Net assets (liabilities), beginning of year | (negative 12,392) | 45,626 |
Net financial resources provided and change in the accumulated net charge against the Fund's authority, during the year | (negative 245,224) | (negative 346,268) |
Transfer of transition payments for implementing salary payments in arrears (Note 12) | (negative 12) | (negative 1,585) |
Net investment in modernization initiative–software (Note 13) | (negative 8,325) | – |
Transfer to other government departments | – | (negative 278) |
Net liabilities, end of year (Note 8) | (negative 12,616) | (negative 12,392) |
Statement of cash flows for the year ended March 31
Table summary
The table presents on a comparative basis the statement of cash flows. It consists of three columns: item descriptions, current year and previous year. Item descriptions are grouped in three: operating activities, investing activities and financing activities, all displaying subtotals. Subtotals are displayed at net financial resources used and change in the accumulated net charge against the Fund's authority during the year. Totals are displayed at accumulated net charge against the Fund's authority end of year.
(in thousands of dollars)
2016 | 2015 | |
---|---|---|
Operating activities | ||
Net results | 253,337 | 290,113 |
Items not requiring use of funds | ||
Amortization of tangible capital assets | 4,032 | 5,415 |
Loss on disposal of tangible capital assets | 1,993 | 1,904 |
Provision for employee termination benefits | 248 | 292 |
Usage charge for modernization initiative–software (Note 13) | 541 | – |
Transfer of transition payments for implementing salary payments in arrears (Note 12) | (negative 12) | (negative 1,585) |
Net results excluding items not requiring use of funds | 260,139 | 296,139 |
Variations in statement of financial position | ||
Decrease in accounts receivable and advances | 3,287 | 35,878 |
Decrease in prepaid expenses | 135 | 103 |
Decrease (increase) in inventories | 389 | (negative 3,932) |
Increase (decrease) in accounts payable and accrued liabilities | (negative 9,712) | 20,859 |
Increase (decrease) in obligation for employee termination benefits | (negative 72) | 72 |
Net financial resources provided by operating activities | 254,166 | 349,119 |
Capital investing activities | ||
Acquisition of tangible capital assets | (negative 76) | (negative 2,851) |
Investment in modernization initiative–software (Note 13) | (negative 8,866) | – |
Net financial resources used by investing activities | (negative 8,942) | (negative 2,851) |
Net financial resources provided and change in the accumulated net charge against the Fund's authority, during the year | 245,224 | 346,268 |
Correction from previous year of the accumulated net charge against the Fund's authority (Note 8) | 81,886 | – |
Accumulated net charge against the Fund's authority, beginning of year | 426,695 | 80,427 |
Accumulated net charge against the Fund's authority, end of year (Note 8) | 753,805 | 426,695 |
Notes to the financial statements for the year ended March 31, 2016
1. Authority and purpose
The Passport Canada Revolving Fund (the "Fund") was established in 1969 to provide for the issue of appropriate passport and other travel document services in Canada and at posts abroad. The Revolving Funds Act authorized the operation of the Fund.
Effective July 2, 2013, the accountability for the passport program and the Fund shifted from the department of Global Affairs Canada (GAC) to Immigration, Refugees and Citizenship Canada (IRCC). In addition, the Fund transferred its passport delivery and processing services to Employment and Social Development Canada (ESDC) on July 2, 2013.
The Fund has a continuing non-lapsing authority from Parliament to make payments out of the Consolidated Revenue Fund for working capital and tangible capital acquisitions.
2. Summary of significant accounting policies
These financial statements have been prepared in accordance with the significant accounting policies stated below to comply with the requirements of section 6, subsection 4 of the Treasury Board of Canada Policy on Special Revenue Spending Authorities and the reporting requirements for revolving funds prescribed by the Receiver General for Canada. The basis of accounting used in these financial statements differs from Canadian Generally Accepted Accounting Principles because the revenues from passport service request fees are recognized upon receipt of payment and verification of an application for completeness as stated in the Regulations prescribing fees for passport services; and, because the funding for tangible capital assets received from Treasury Board is recorded as contributed capital and not as a reduction of the cost of capital assets.
Significant accounting policies are as follows:
a. Revenue recognition
Revenues from passport fees are recognized upon request for a passport service, which is upon receipt of payment and verification of the passport application for completeness.
b. Inventories
Inventories of materials and supplies are carried at the lower of cost using the average cost and the net realizable value.
c. Tangible capital assets
Tangible capital assets are recorded at cost and amortized on a straight-line basis over their estimated useful lives, as follows:
Table summary
The table presents capital assets and consists of two columns: the asset categories with their respective amortization periods.
Asset class | Amortization period |
---|---|
Office furniture | 10 years |
Vehicles | 8 years |
Informatics hardware | 5 years |
Software (purchased and developed) | 3 to 10 years |
Machinery and equipment | 15 years |
Leasehold improvements | Lesser of the remaining term of the lease or estimated useful life of the improvement |
During 2015–2016 the Fund revised its estimate of the useful lives of depreciable assets. The changes have been applied prospectively. The change in the basis of depreciation has had the effect of decreasing depreciation expense by $1,029,413 in 2015–2016.
d. Employee future benefits
Pension benefits: Eligible employees of the Fund participate in the Public Service Pension Plan, a multiemployer pension plan administered by the Government. The Fund's contributions to the Plan are charged to expenses in the year incurred and represent the Fund's total obligation to the Plan. The Fund's responsibility with regard to the Plan is limited to its contributions. Actuarial surpluses or deficiencies are recognized in the financial statements of the Government of Canada, as the Plan's sponsor.
Severance benefits: Eligible employees of the Fund are entitled to severance benefits under labor contracts or conditions of employment earn these benefits as services necessary to earn them are rendered.
3. Changes in financial statements presentation
Some expenses from the previous year have been reclassified to comply with the 2015–2016 financial statements' presentation. The net result is an increase in Salaries and employee benefits with a corresponding decrease in Provision for employee termination benefits in the amount of $891,586 as well as an increase in Repair and maintenance with a corresponding decrease in Professional and special services in the amount of $102,615.
4. Accounts receivable and advances
The following table presents details of the Fund's accounts receivable and advances:
Table summary
The table presents on a comparative basis the accounts receivable and advances. It consists of three columns: item descriptions, current year and previous year. The last row presents the totals.
(in thousands of dollars)
2016 | 2015 | |
---|---|---|
Accounts receivable and advances | ||
Accounts receivable—Government of Canada | 10,219 | 13,728 |
Accounts receivable—Outside parties | 256 | 45 |
Employee advances | 11 | – |
Total | 10,486 | 13,773 |
5. Inventories
The following table presents details of the inventory, measured at the lower of cost using the average cost and net realizable value:
Table summary
The table presents on a comparative basis the inventory. It consists of three columns: item descriptions, current year and previous year. The last row presents the totals net of provision for inventory obsolescence.
(in thousands of dollars)
2016 | 2015 | |
---|---|---|
Inventories | ||
Inventories held for consumption | 3,678 | 1,922 |
Inventories for resale | 13,314 | 15,459 |
Total | 16,992 | 17,381 |
The inventories held for consumption are mainly composed of prepaid envelopes and informatics hardware. The inventories for resale are the passport booklets.
The cost of consumed inventory recognized as an expense in the Statement of Operations and Fund's net assets is $57,519,097 for 2015–2016 ($60,712,473 for 2014–2015).
6. Tangible capital assets
The following table presents details of the tangible capital assets held by the Fund during the fiscal year:
Table summary
The table is split in three sub tables. The first, cost, consists of five columns: item description, opening balance, acquisitions, disposals, transfers and adjustments and closing balance. The second, accumulated amortization, consists of five column: item description,opening balance, amortization, disposals, transfers and adjustments and closing balance. The last, net book value, consists of three columns: item description, net book value for the current and previous year. Totals are displayed at the last row of each table.
(in thousands of dollars)
Tangible capital assets | Balance, beginning of the year | Acquisitions | Disposals, transfers and adjustments | Balance, end of the year |
---|---|---|---|---|
Technology enhancement plan project | 2,906 | – | – | 2,906 |
Leasehold improvements | 32,934 | – | (negative 28,581) | 4,353 |
Office furniture | 95 | – | (negative 54) | 41 |
Informatics hardware | 5,231 | – | – | 5,231 |
Software | 30,247 | 76 | (negative 3,599) | 26,724 |
Vehicles | 21 | – | – | 21 |
Machinery and equipment | 406 | – | – | 406 |
Total | 71,840 | 76 | (negative 32,234) | 39,682 |
Accumulated amortization | Balance, beginning of the year | Amortization | Disposals, transfers and adjustments | Balance, end of the year |
Technology enhancement plan project | 2,906 | – | – | 2,906 |
Leasehold improvements | 29,987 | 956 | (negative 26,590) | 4,353 |
Office furniture | 69 | 3 | (negative 52) | 20 |
Informatics hardware | 2,051 | 921 | – | 2,972 |
Software | 18,917 | 2,131 | (negative 3,599) | 17,449 |
Vehicles | 5 | 2 | – | 7 |
Machinery and equipment | 153 | 19 | – | 172 |
Total | 54,088 | 4,032 | (negative 30,241) | 27,879 |
Net book value | 2016 | 2015 | ||
Technology enhancement plan project | – | – | ||
Leasehold improvements | – | 2,947 | ||
Office furniture | 21 | 26 | ||
Informatics hardware | 2,259 | 3,180 | ||
Software | 9,275 | 11,330 | ||
Vehicles | 14 | 16 | ||
Machinery and equipment | 234 | 253 | ||
Total | 11,803 | 17,752 |
7. Accounts payable and accrued liabilities
The following table presents details of the Fund's accounts payable and accrued liabilities:
Table summary
The table presents on a comparative basis the changes in current assets and liabilities. It consists of three columns: item descriptions, current year and previous year. The last row represents the total for all item descriptions.
(in thousands of dollars)
2016 | 2015 | |
---|---|---|
Accounts payable and accrued liabilities | ||
Accounts payable—Government of Canada | 29,298 | 45,021 |
Accounts payable—Outside parties | 12,933 | 6,695 |
Accrued liabilities—Outside parties | 7,205 | 5,422 |
Contractors' holdbacks—Outside parties | – | 2,010 |
Total | 49,436 | 59,148 |
8. Net assets (liabilities)
The accumulated net charge against the Fund's authority represents the cumulative receipts and disbursements over the life of the Fund.
The accumulated surplus is an accumulation of each fiscal year's surplus net of deficits since the inception of the Fund.
The contributed capital is a financing arrangement approved by Treasury Board, to finance the acquisition of tangible capital assets in substitute of the Fund's authority. In the current year, there were no additional capital contributions from Treasury Board to finance the Fund's capital project.
Table summary
The table presents on a comparative basis the net assets. It consists of three columns: item descriptions, current year and previous year. Totals are displayed on the last row.
(in thousands of dollars)
2016 | 2015 | |
---|---|---|
Net assets (liabilities) | ||
Accumulated net charge against the Fund's authority | (negative 753,805) | (negative 426,695) |
Accumulated surplus | 660,715 | 333,829 |
Contributed capital | 80,474 | 80,474 |
Total | (negative 12,616) | (negative 12,392) |
During 2015–2016, an adjustment in the amount of $81,885,760 has been made between the Accumulated net charge against the Fund's authority and the Accumulated surplus to correct a reporting error that occurred in 2013–2014. This correction has no impact on the total net assets (liabilities).
9. Contractual obligations
Because of the nature of its activities, the Fund is engaged in contractual obligations for the purchase of goods and other services. Below are the expected future maximum payments under contract for its supplier of blank passports, rent of office premises and other operating expenses:
Table summary
The table presents the total annual contractual obligations for the expected future maximum payments under contract for its supplier of blank passports. It consists of two columns: the year and the estimated payment amount. The total is displayed on the last row.
(in thousands of dollars)
2017 | 47,165 |
---|---|
2018 | 43,921 |
2019 | 2,988 |
2020 | 314 |
Total | 94,388 |
10. Contingent liabilities
The Fund is subject to various legal claims arising in the normal course of its operations. Some of these potential liabilities may become actual liabilities when one or more future events occur or fail to occur. To the extent that the future event is likely to occur or fail to occur, and a reasonable estimate of the loss can be made, an estimated liability has been accrued and an expense recorded on the Fund's financial statements. Based on the Fund's legal assessment of potential liability as at March 31, 2016, the Fund has one outstanding claim with a contingent liability of $175,597.
11. Related party transactions
Through common ownership, the Fund is related to all Government of Canada created departments, agencies and Crown corporations. Payments for passport operations at missions abroad, passport delivery and processing service throughout Canada, accommodation and legal services, and the employers' contributions to the health and dental insurance plans are made to related parties in the normal course of business. All related party transactions are accounted for at the exchange amount, which represents the consideration agreed to by both parties.
As part of its operations, the Fund collects Consular fees on behalf of the GAC. These fees are not recorded as revenues in the Statement of operations and net assets (liabilities). In 2015–2016, the Fund collected and remitted to GAC $93,085,666 ($101,007,265 in 2014–2015) in consular fees.
The cost reported in the Professional and Special Services line item in the Statement of operations and net assets (liabilities) includes the following transactions with Shared Services Canada (SSC) and Employment and Social Development Canada (ESDC):
Table summary
The table presents the transactions with other government departments (Shared Services and Employment and Social Development Canada). It consists of three columns: item descriptions, the current year and the previous year.
(in thousands of dollars)
2016 | 2015 | |
---|---|---|
Related party transactions | ||
Information technologies services (SSC) | 14,551 | 11,473 |
Service Delivery, Operations and Internal Services (ESDC) | 159,125 | 161,619 |
Applications processing (ESDC) | 10,835 | 10,712 |
Transition and modernization (ESDC) | 6,056 | 4,412 |
Total | 190,567 | 188,216 |
The following table presents the total of other transactions with related parties, such as accommodation, legal services and employers' contributions to the health and dental insurance plans:
Table summary
The table presents the total of other transactions with related parties, such as accommodation, legal services and employers' contributions to the health and dental insurance plans
(in thousands of dollars)
2016 | 2015 | |
---|---|---|
Expenses—Other Government departments | 25,928 | 23,192 |
12. Transfer of the transition payments for implementing salary payments in arrears
The Government of Canada implemented salary payments in arrears in 2014–2015. As a result, a one-time payment was issued to employees and will be recovered from them in the future. The transition to salary payments in arrears forms part of the transformation initiative that replaces the pay system and also streamlines and modernizes the pay processes. This change to the pay system had no impact on the expenses of the Revolving Fund. However, it did result in the use of authorities by the Revolving Fund and impacted the accumulated net charge against the Fund's authority. Prior to year end, transition payments for implementing salary payments in arrears were transferred to a central account administered by Public Works and Government Services Canada, who is responsible for the administration of the Government pay system.
13. Investment in modernization initiative
IRCC's Passport program is shifting from the Integrated Retrieval Information System (IRIS) to the Global Case Management System (GCMS) and Integrated Payment Revenue Management System (IPRMS) for the processing of passport applications. It will provide the foundation for a future online service channel. As its owner, the expenses affected to the Fund related to this initiative are capitalized in IRCC's financial statements. Annually, IRCC charges back the Fund for the use of GCMS and IPRMS. In 2015–2016, expenses paid by the Fund in the amount of $8,865,996 were capitalized in IRCC. During the year, internal charges totaling $541,186 were transferred to the Fund to account for the yearly utilization.
Public Accounts of Canada 2016 Volume III—Bottom of the page Navigation
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