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ARTICLE · 14 FEBRUARY 2022

Investment Canada Act: 2020/21 Annual Report

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On February 2nd, 2022, the Director of Investments issued his annual report on the administration of the Investment Canada Act ("ICA") for the fiscal year commencing April 1, 2020 and ending March 31, 2021.

CanadaGovernment, Public Sector
Douglas New
Douglas New
Andrew House
Andrew House
Justine Reisler
Justine Reisler
MacNeal Darnley
MacNeal Darnley
Julien Frigon
Julien Frigon
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On February 2nd, 2022, the Director of Investments issued his annual report on the administration of the Investment Canada Act ("ICA") for the fiscal year commencing April 1, 2020 and ending March 31, 2021. The Annual Report provides insight on key trends relating to foreign investment and national security reviews in Canada.

During the period covered by the Annual Report, a total of 826 filings were certified under the ICA, representing a 20% decrease from the 1,032 filings made in the previous year. Most notably, the number of applications for review (required in the case of high-value foreign acquisitions) dropped by 67% over the prior period.

It was suggested that the considerable decrease in foreign investment filings was not Canada-specific but rather attributable to the general decrease in global investment activity as a result of the COVID pandemic. The Director expects that the number of filings will rebound in the next year, but perhaps not

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