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ARTICLE · 30 MARCH 2015

Significant Changes To Investment Canada Act Review Thresholds, Disclosure Requirements And National Security Review Timelines

Osler, Hoskin & Harcourt LLP
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The change from an asset-based threshold to an enterprise value threshold will have a number of important implications for foreign investments in Canada...

CanadaGovernment, Public Sector
Michelle Lally
Michelle Lally
Shuli Rodal
Shuli Rodal
Kaeleigh Kuzma
Kaeleigh Kuzma
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On March 25, 2015, the federal government published long-awaited regulations as a result of which, effective April 24, 2015, the threshold for determining whether net benefit review under the Investment Canada Act (ICA) is required for WTO private sector investment will be $600 million based on "enterprise value" rather than $369 million in asset book value as is currently the case. The threshold will increase to $800 million in 2017, then to $1 billion in 2019, after which it will be indexed annually. The net benefit review threshold for non-WTO acquisitions, acquisitions involving state-owned enterprises (SOEs) and acquisitions of cultural businesses will continue to be based on asset book value. The review threshold amendments have a long history; for further information refer to our March 12, 2009 Osler Update, June 14, 2012 Osler Update, December 9, 2012 Osler Update and May 2, 2013 Osler Update.

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