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ARTICLE · 04 JULY 2019

Doing Business in Canada 2019 - Investment Policy

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Canada's regime for foreign investment review is primarily governed by the Investment Canada Act.

CanadaGovernment, Public Sector
Fasken Martineau
Fasken Martineau
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Regulation of Foreign Investment – Investment Canada Act

(Current as of December 2018)

Canada's regime for foreign investment review is primarily governed by the Investment Canada Act (ICA). It provides for both net benefit and national security reviews of certain investments by "non-Canadians." In the case of a corporation, the term "non-Canadian" is defined in the ICA as a business that is controlled through the ownership of voting shares by persons who are not citizens or permanent residents of Canada.

Net Benefit Review Thresholds for 2018

The ICA employs a "net benefit to Canada" test for investments that are subject to review and approval by the federal Minister of Innovation, Science and Economic Development (Innovation Minister) and/or the federal Minister of Canadian Heritage (Heritage Minister). The Heritage Minister is responsible for reviewing transactions involving the acquisition of a "cultural business." The Innovation Minister is responsible

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