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ARTICLE · 27 MARCH 2026

National Security Reviews In Canada: Are We Set For A Change In Approach?

Davies Ward Phillips & Vineberg LLP
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On 16 February 2026, the Foreign Investment Review and Economic Security Branch of Innovation, Science and Economic Development Canada released its 2024-25 Investment Canada Act (ICA) Annual Report.

CanadaGovernment, Public Sector
Mark Katz
Mark Katz
William Rooney
William Rooney
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On 16 February 2026, the Foreign Investment Review and Economic Security Branch of Innovation, Science and Economic Development Canada released its 2024-25 Investment Canada Act (ICA) Annual Report.

The annual report provides a very useful window into recent enforcement of the ICA, which still operates under a relative veil of secrecy. However, the annual report's release also comes at the time of a potential inflection point for Canadian foreign investment law, particularly insofar as national security reviews are concerned.

2025, of which the annual report only covers the first three months, saw Canada begin to diversify away from its perennial and largest trading partner, the US. That diversification – which, although still in its initial stages, has had a corresponding ripple effect through all aspects of Canadian government policy – may also influence how the government approaches reviews under the ICA.

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