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Investment Canada Act (R.S.C., 1985, c. 28 (1st Supp.))

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Act current to 2021-06-28 and last amended on 2021-04-01. Previous Versions

Investment Canada Act

R.S.C., 1985, c. 28 (1st Supp.)

An Act respecting investment in Canada

[1985, c. 20, assented to 20th June, 1985]

Short Title

Marginal note:Short title

 This Act may be cited as the Investment Canada Act.


Marginal note:Purpose of 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 in a manner that encourages investment, economic growth and employment opportunities in Canada and to provide for the review of investments in Canada by non-Canadians that could be injurious to national security.

  • R.S., 1985, c. 28 (1st Supp.), s. 2
  • 2009, c. 2, s. 445


Marginal note:Definitions

 In this Act,


Agency[Repealed, 1995, c. 1, s. 45]


assets includes tangible and intangible property of any value; (actifs)


business includes any undertaking or enterprise capable of generating revenue and carried on in anticipation of profit; (entreprise)


Canada includes the exclusive economic zone of Canada and the continental shelf of Canada; (Canada)


Canadian means

  • (a) a Canadian citizen,

  • (b) a permanent resident within the meaning of subsection 2(1) of the Immigration and Refugee Protection Act who has been ordinarily resident in Canada for not more than one year after the time at which he or she first became eligible to apply for Canadian citizenship,

  • (c) a Canadian government, whether federal, provincial or local, or an agency thereof, or

  • (d) an entity that is Canadian-controlled, as determined under subsection 26(1) or (2) and in respect of which there has been no determination made under any of subsections 26(2.1), (2.11) and (2.31) or declaration made under subsection 26(2.2) or (2.32); (Canadien)

Canadian business

Canadian business means a business carried on in Canada that has

  • (a) a place of business in Canada,

  • (b) an individual or individuals in Canada who are employed or self-employed in connection with the business, and

  • (c) assets in Canada used in carrying on the business; (entreprise canadienne)


corporation means a body corporate with or without share capital; (personne morale)


Director means the Director of Investments appointed under section 6; (directeur)


entity means a corporation, partnership, trust or joint venture; (unité)

joint venture

joint venture means an association of two or more persons or entities, where the relationship among those associated persons or entities does not, under the laws in force in Canada, constitute a corporation, a partnership or a trust and where, in the case of an investment to which this Act applies, all the undivided ownership interests in the assets of the Canadian business or in the voting interests of the entity that is the subject of the investment are or will be owned by all the persons or entities that are so associated; (coentreprise)


Minister means such member of the Queen’s Privy Council for Canada as is designated by the Governor in Council as the Minister for the purposes of this Act; (ministre)

new Canadian business

new Canadian business, in relation to a non-Canadian, means a business that is not already being carried on in Canada by the non-Canadian and that, at the time of its establishment,

  • (a) is unrelated to any other business being carried on in Canada by that non-Canadian, or

  • (b) is related to another business being carried on in Canada by that non-Canadian but falls within a prescribed specific type of business activity that, in the opinion of the Governor in Council, is related to Canada’s cultural heritage or national identity; (nouvelle entreprise canadienne)


non-Canadian means an individual, a government or an agency thereof or an entity that is not a Canadian; (non-Canadien)


own means beneficially own; (propriétaire)


person means an individual, a government or an agency thereof or a corporation; (personne)


prescribed means prescribed by the regulations made pursuant to this Act; (Version anglaise seulement)

state-owned enterprise

state-owned enterprise means

  • (a) the government of a foreign state, whether federal, state or local, or an agency of such a government;

  • (b) an entity that is controlled or influenced, directly or indirectly, by a government or agency referred to in paragraph (a); or

  • (c) an individual who is acting under the direction of a government or agency referred to in paragraph (a) or who is acting under the influence, directly or indirectly, of such a government or agency; (entreprise d’État)

voting group

voting group means two or more persons who are associated with respect to the exercise of rights attached to voting interests in an entity by contract, business arrangement, personal relationship, common control in fact through the ownership of voting interests, or otherwise, in such a manner that they would ordinarily be expected to act together on a continuing basis with respect to the exercise of those rights; (groupement de votants)

voting interest

voting interest, with respect to

  • (a) a corporation with share capital, means a voting share,

  • (b) a corporation without share capital, means an ownership interest in the assets thereof that entitles the owner to rights similar to those enjoyed by the owner of a voting share, and

  • (c) a partnership, trust or joint venture, means an ownership interest in the assets thereof that entitles the owner to receive a share of the profits and to share in the assets on dissolution; (intérêt avec droit de vote)

voting share

voting share means a share in the capital of a corporation to which is attached a voting right ordinarily exercisable at meetings of shareholders of the corporation and to which is ordinarily attached a right to receive a share of the profits, or to share in the assets of the corporation on dissolution, or both. (action avec droit de vote)

  • R.S., 1985, c. 28 (1st Supp.), s. 3
  • 1993, c. 35, s. 1
  • 1995, c. 1, s. 45
  • 1996, c. 31, s. 88
  • 2001, c. 27, s. 259
  • 2009, c. 2, s. 446
  • 2013, c. 33, s. 136

PART IOrganization and Mandate


Marginal note:Role of Minister

 The Minister is responsible for the administration of this Act.

  • R.S., 1985, c. 28 (1st Supp.), s. 4
  • 1995, c. 1, s. 46

Marginal note:Duties and powers of Minister

  •  (1) The Minister shall

    • (a) to (e) [Repealed, 1995, c. 1, s. 47]

    • (f) ensure that the notification and review of investments are carried out in accordance with this Act; and

    • (g) perform all other duties required by this Act to be performed by the Minister.

  • Marginal note:Other powers

    (2) In exercising the Minister’s powers and performing his duties under this Act, the Minister

    • (a) shall, where appropriate, make use of the services and facilities of other departments, branches or agencies of the Government of Canada;

    • (b) may, with the approval of the Governor in Council, enter into agreements, for the purposes of this Act, with the government of any province or any agency thereof, or with any other entity or person, and may make disbursements up to an amount equal to the aggregate of the amounts to be contributed by all parties to the agreement, even before those amounts have been contributed; and

    • (c) may consult with, and organize conferences of, representatives of industry and labour, provincial and local authorities and other interested persons.

  • R.S., 1985, c. 28 (1st Supp.), s. 5
  • 1993, c. 35, s. 2
  • 1995, c. 1, s. 47
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