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Investment Canada Act

Version of section 21 from 2015-03-13 to 2022-06-01:


Marginal note:Net benefit

  •  (1) Subject to subsections (2) to (8) and sections 22 and 23, the Minister shall, within 45 days after the certified date referred to in subsection 18(1), send a notice to the applicant that the Minister, having taken into account any information, undertakings and representations referred to the Minister by the Director under section 19 and the relevant factors set out in section 20, is satisfied that the investment is likely to be of net benefit to Canada.

  • Marginal note:Extension

    (2) Subject to subsection (3), if, before the end of the 45-day period referred to in subsection (1), a notice is sent under subsection 25.2(1) in respect of the investment, the period during which the Minister may send the notice referred to in subsection (1) expires 30 days after the end of the prescribed period referred to in subsection 25.3(1) or at the end of any further period that the Minister and the applicant agree on.

  • Marginal note:Extension

    (3) Subject to subsections (4) and (5), if, before the end of the 45-day period referred to in subsection (1), a notice is sent under subsection 25.2(1) in respect of the investment and if, in respect of the investment, an order is made under subsection 25.3(1), the period during which the Minister may send the notice referred to in subsection (1) expires

    • (a) 30 days after the end of

      • (i) the prescribed period referred to in subsection 25.3(6) or (7), as the case may be, or

      • (ii) the further period, if one was agreed on under subsection 25.3(7); or

    • (b) at the end of any further period that the Minister and the applicant agree on.

  • Marginal note:Extension

    (4) If, before the end of the 45-day period referred to in subsection (1), a notice is sent under subsection 25.2(1) in respect of the investment and if, in respect of the investment, an order is made under subsection 25.3(1) and a notice under paragraph 25.3(6)(b) is sent, the period during which the Minister may send the notice referred to in subsection (1) expires 30 days after the day on which the notice under that paragraph was sent or at the end of any further period that the Minister and the applicant agree on.

  • Marginal note:Extension

    (5) If, before the end of the 45-day period referred to in subsection (1), a notice is sent under subsection 25.2(1) in respect of the investment and if an order is made under subsection 25.3(1) in respect of the investment and the Minister refers the investment to the Governor in Council under paragraph 25.3(6)(a) or subsection 25.3(7), the period during which the Minister may send the notice referred to in subsection (1) expires either 30 days after the earlier of the following days or at the end of any further period that the Minister and the applicant agree on:

    • (a) the day on which the Governor in Council takes any measure under subsection 25.4(1) in respect of the investment, and

    • (b) the day on which the prescribed period referred to in subsection 25.4(1) ends.

  • Marginal note:Extension

    (6) Subject to subsections (7) and (8), if, before the end of the 45-day period referred to in subsection (1), an order is made under subsection 25.3(1) in respect of the investment, the period during which the Minister may send the notice referred to in subsection (1) expires

    • (a) 30 days after the end of

      • (i) the prescribed period referred to in subsection 25.3(6) or (7), as the case may be, or

      • (ii) the further period, if one was agreed on under subsection 25.3(7); or

    • (b) at the end of any further period that the Minister and the applicant agree on.

  • Marginal note:Extension

    (7) If, before the end of the 45-day period referred to in subsection (1), an order is made under subsection 25.3(1) in respect of the investment and if, in respect of the investment, a notice is sent under paragraph 25.3(6)(b), the period during which the Minister may send the notice referred to in subsection (1) expires 30 days after the day on which the notice under that paragraph was sent or at the end of any further period that the Minister and the applicant agree on.

  • Marginal note:Extension

    (8) If, before the end of the 45-day period referred to in subsection (1), an order is made under subsection 25.3(1) in respect of the investment and if the Minister refers the investment to the Governor in Council under paragraph 25.3(6)(a) or subsection 25.3(7), the period during which the Minister may send the notice referred to in subsection (1) expires either 30 days after the earlier of the following days or at the end of any further period that the Minister and the applicant agree on:

    • (a) the day on which the Governor in Council takes any measure under subsection 25.4(1) in respect of the investment, and

    • (b) the day on which the prescribed period referred to in subsection 25.4(1) ends.

  • Marginal note:Minister deemed to be satisfied

    (9) Subject to sections 22 and 23, if the Minister does not send a notice under subsection (1) within the 45-day period referred to in that subsection or, if any of subsections (2) to (8) apply, within the 30-day period or agreed further period referred to in the applicable subsection, the Minister is deemed to be satisfied that the investment is likely to be of net benefit to Canada and shall send a notice to that effect to the applicant.

  • R.S., 1985, c. 28 (1st Supp.), s. 21
  • 1995, c. 1, s. 50
  • 2009, c. 2, s. 452
  • 2013, c. 33, s. 138
  • 2014, c. 39, s. 188
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