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ARTICLE · 05 OCTOBER 2023

2022/23 Investment Canada Act Annual Report

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On September 28th, 2023, the Director of Investments to the Minister of Innovation, Science and Industry (the "Minister") published the Annual Report on the administration of the Investment Canada Act...

CanadaGovernment, Public Sector
Andrew House
Andrew House
Robin Spillette
Robin Spillette
Henry Gray
Henry Gray
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On September 28th, 2023, the Director of Investments to the Minister of Innovation, Science and Industry (the "Minister") published the Annual Report on the administration of the Investment Canada Act (the Act) for the 2022/23 fiscal year.

During the fiscal year 2022-2023, the Investment Review Division reviewed 1,010 applications for review and notifications (which is generally in line with the five-year average). Of the 1,010 filings, five applications for review were cleared as being of likely net benefit to Canada (down from the eight applications for review approved in the fiscal year 2021-22). Notably, the average length of time to complete a net benefit review was 97 days, which exceeds the average time during the previous five years (of about 74 to 85 days). In this regard, the Annual Report notes that this should not be taken as "signalling a new trend in the timelines for net benefit reviews."

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