Investment Canada Act And Competition Act Quick Reference – 2026

Investment Canada Act thresholds

There are multiple thresholds for the net benefit review of direct acquisitions of control of a Canadian business by a non‑Canadian WTO investor:

1. Direct acquisition of a publicly-traded entity — $1.452 billion* or more in enterprise value, based on the target’s market capitalization, plus total liabilities (less operating liabilities), minus cash and cash equivalents.
2. Direct acquisition of a privately-held entity — $1.452 billion* or more in enterprise value, based on the total acquisition value, plus total liabilities (less operating liabilities), minus cash and cash equivalents. Where acquiring less than 100%, total acquisition value will include amounts in addition to those payable by the non‑Canadian acquiring control.