Canada's Competition Bureau And Investment Review Division Increasing Cooperation, Information Sharing

Canada's Competition Bureau (Bureau) and the Investment Review Division of Innovation, Science and Economic Development Canada (IRD) are increasingly cooperating and communicating when reviewing large foreign investments into Canada. To this end, on April 6, 2018, the two agencies released an Administrative Note formalizing a number of key procedural considerations for foreign investors.

Under the Investment Canada Act (ICA), controlling investments by non-Canadians in Canadian businesses are reviewable when they exceed the applicable financial thresholds. When conducting a review of these investments, IRD and the Minister of Innovation will consider, among other factors, the effect of the investment on competition, the contribution of the investment to Canada's ability to compete globally, and the compatibility of the investment with Canada's industrial and economic policies. The investment will be approved if the Minister concludes it is of "net benefit" to Canada.