View this email in your browser   |   November 28, 2014
In this issue
1. Quota system may be suspended



 

RCI eNewsletter

QIIP System May Be Suspended

The upcoming intake period and intake method for the QIIP is not yet finalized, but may return to a simplified application process and a random draw.
 
Last Monday, MIDI has confirmed that Bill 28, which was submitted to the National Assembly last Tuesday, will not be voted into law before March 2015. Bill 28 includes the notion that brokers would be awarded quotas of files by the Ministry based on a formula that is not yet publicly available.
 
Because these changes will not be voted in time for the January intake period, they will not yet be applicable at that time.
 
As a result, MIDI has invoked the possibility of going back to a random draw-based intake, from January 5th until January 16. Under such a scenario, all files would have to be submitted in Montreal, and the Ministry would issue a simplified list of documents to be submitted for the intake. This list is not yet publicly available.
 
While several individuals and organizations have begun circulating this information, it must be emphasised that this decision is not yet final.
 
Several alternatives are still being explored at the Ministry, and we can expect a final decision shortly. In the meantime, it is RCI’s recommendation that agents keep working on preparing quality files for the upcoming intake. Our team is standing by to assess the quality of the files submitted to us and will keep processing files as we have done so far.
 
However, given the fast evolving situation, please  note that we will not issue a decision to submit or to not submit a file until a final decision is issued from MIDI regarding the upcoming intake method.

For any additional information, please do not hesitate to contact your RCI Account Manager.
 
Best regards,

The RCI Team
Copyright © 2014 Renaissance Capital Inc., All rights reserved.



mseguin@rcican.com
www.rcican.com


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