What Canada Investment Canada Act: Net Benefit to Canada Review of Foreign Investment, Reviewable Investments, Notification, Section 25.1 National Security Review, and Offences requires
The Investment Canada Act, R.S.C. 1985, c. 28 (1st Supp.), is the principal Canadian statute governing the review of significant foreign investments in Canada and is administered by the Minister of Innovation, Science and Industry through the Investment Review Division, with national security review additional functions of the Minister of Public Safety and Emergency Preparedness. Investment Canada Act, section 2 sets the purposes of the Act: recognizing that increased capital and technology benefits Canada, and recognizing the importance of protecting national security, the purposes of this Act are to provide for the review of significant investments in Canada by non-Canadians. Investment Canada Act, section 3 contains the definitions including Canadian, non-Canadian, entity, voting interest, and state-owned enterprise. Investment Canada Act, section 14 lists the reviewable investments including investments to acquire control of a Canadian business where the limits set out in subsection (3) apply. Investment Canada Act, section 16 imposes the prohibition: a non-Canadian shall not implement an investment reviewable under this Part unless the investment has been reviewed and the Minister is satisfied or is deemed to be satisfied that the investment is likely to be of net benefit to Canada. Investment Canada Act, section 17 requires the non-Canadian to file an application with the Director in the manner prescribed. Investment Canada Act, section 21 sets the net benefit decision timeline: the Minister shall, within 45 days after the certified date referred to in subsection 18(1), send a notice that the investment is likely to be of net benefit to Canada. Investment Canada Act, section 25.1 sets the national security review scope on grounds of injury to national security. Investment Canada Act, section 25.3 governs national security review by the Governor in Council where the Minister considers an investment could be injurious to national security. Investment Canada Act, section 35 contains the regulation-making power. Investment Canada Act, section 39 sets the offences and punishment for violations of prohibitions and failure to comply with orders. Standard threshold for review is CAD $5 million in asset value with elevated thresholds for WTO Investors (CAD $1 billion) and Trade Agreement Investors (CAD $1.5 billion), each indexed annually for inflation. The Act is the controlling Canadian instrument for the review of significant foreign investment.
Pillar: Banking & Global Finance · Authority: Government of Canada - Department of Justice · Version: 1.0.0 · Last updated:
Primary source: https://laws-lois.justice.gc.ca/eng/acts/I-21.8/FullText.html
SHA-256 integrity: 3287463d4cfbe4c648b9f68574f44ca1f8887b188a680c5325de023d93635511
Primary Citations — 8 traced to source
- Investment Canada Act, section 2 - purpose to provide for the review of significant investments and protect national security.
- Investment Canada Act, section 3 - definitions including Canadian, non-Canadian, entity, voting interest, and state-owned enterprise.
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