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ARTICLE · 09 NOVEMBER 2022

Investment Canada Act: 2021/22 Annual Report

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On October 28, 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, 2021 and ending March 31, 2022...

CanadaGovernment, Public Sector
Andrew House
Andrew House
MacNeal Darnley
MacNeal Darnley
Kiera Boyd
Kiera Boyd
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On October 28, 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, 2021 and ending March 31, 2022 (the “2021/2022 fiscal year”). The Annual Report provides insight on key trends relating to foreign investment and national security reviews in Canada.

The key trends from this Annual Report are as follows:

  • Investment is up: During the 2021/2022 fiscal year, a total of 1,255 filings (applications and notifications) were certified under the ICA, representing a 51.9% increase from the filings made in the previous year. This represents a new all-time high in total number of filings and a 21.6% increase over two years prior, which was the previous high for number of filings. These numbers indicate a return to the upward trend for foreign direct investments into Canada, which was recently interrupted by a brief downturn resulting from the COVID-19 pandemic in

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