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

Marginal note:Regulations

14.2 The Governor in Council may make any regulations that the Governor in Council considers necessary for carrying out the purposes and provisions of sections 14.1 and 14.11.

Marginal note:Order

14.3 The Governor in Council may, by order, amend the schedule by adding, deleting or replacing the name of a trade agreement in column 1 or a corresponding provision setting out the meaning of national in column 2.

Marginal note:Other reviewable investments

15 An investment subject to notification under Part III that would not otherwise be reviewable is reviewable under this Part if

• (a) it 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; and

• (b) within 45 days after the certified date referred to in paragraph 13(1)(a)

  • (i) the Governor in Council, where the Governor in Council considers it in the public interest on the recommendation of the Minister, issues an order for the review of the investment, and

  • (ii) the Director sends the non-Canadian making the investment a notice for review.

Marginal note:Prohibition

• 16 (1) A non-Canadian shall not implement an investment reviewable under this Part unless the investment has been reviewed under this Part and the Minister is satisfied or is deemed to be satisfied that the investment is likely to be of net benefit to Canada.

• Marginal note:Exceptions

  (2) Subsection (1) does not apply

  • (a) where the Minister has sent a notice to a non-Canadian making an investment to the effect that the Minister is satisfied that a delay in implementing the investment would result in undue hardship to the non-Canadian or would jeopardize the operations of the Canadian business that is the subject of the investment;

  • (b) to an investment made through an acquisition referred to in subparagraph 28(1)(d)(ii); or

  • (c) to an investment reviewable pursuant to section 15.

• Marginal note:Request for notice

  (3) If a non-Canadian makes a written request to the Minister for a notice referred to in paragraph (2)(a), the Minister shall, within 30 days after receiving all the information required for the Minister to decide whether the conditions described in that paragraph exist, advise the non-Canadian whether he or she will issue the notice or not.

Marginal note:Application

• 17 (1) Where an investment is reviewable under this Part, the non-Canadian making the investment shall, in the manner prescribed, file an application with the Director containing such information as is prescribed.

• Marginal note:When application must be filed

  (2) The application required by subsection (1) shall be filed

  • (a) subject to paragraph (b), in the case of an investment reviewable pursuant to section 14, at any time prior to the implementation of the investment;

  • (b) in the case of an investment made through an acquisition referred to in subparagraph 28(1)(d)(ii) or an investment with respect to which a notice referred to in paragraph 16(2)(a) has been sent, at any time prior to the implementation of the investment or within thirty days thereafter; or

  • (c) in the case of an investment reviewable pursuant to section 15, forthwith on receipt of a notice for review referred to in subparagraph 15(b)(ii).

• Marginal note:Additional information

  (3) The non-Canadian making the investment shall, within the time specified by the Director, provide any other information that the Director considers necessary.

Marginal note:Receipt

• 18 (1) Where an application filed under section 17 contains all the required information or reasons for the inability to provide any part of the information, or where the application is completed pursuant to subsection (2) or is deemed to be complete pursuant to subsection (3), the Director shall forthwith send a receipt to the applicant, certifying the date on which

  • (a) the complete application filed under section 17 was received by the Director;

  • (b) the information required to complete the application was received by the Director pursuant to subsection (2); or

  • (c) the application was deemed to be complete pursuant to subsection (3).

• Marginal note:Incomplete application

  (2) Where an application filed under section 17 is incomplete, the Director shall send a notice to the applicant specifying the information required to complete the application and requesting that that information be provided to the Director in order to complete the application.

• Marginal note:Where application deemed complete

  (3) Where the Director does not, within fifteen days after an application under section 17 has been received by the Director, send a receipt under subsection (1) or a notice under subsection (2), the application is deemed to be complete as of the date the application was received by the Director.

Marginal note:Matters to be referred to Minister

• 19 (1) The Director shall refer to the Minister, for the purposes of section 21, any of the following material received by the Director in the course of the review of an investment under this Part:

  • (a) the information contained in the application filed under section 17 and any other information submitted by the applicant;

  • (b) any information submitted to the Director by the person or entity from whom or which control of the Canadian business is being or has been acquired;

  • (c) any written undertakings to Her Majesty in right of Canada given by the applicant; and

  • (d) any representations submitted to the Director by a province that is likely to be significantly affected by the investment.

• Marginal note:Security

  (2) Her Majesty in right of Canada may accept any security for payment in respect of any penalty that may be imposed under paragraph 40(2)(d).

Marginal note:Factors

20 For the purposes of section 21, the factors to be taken into account, where relevant, are

• (a) the effect of the investment on the level and nature of economic activity in Canada, including, without limiting the generality of the foregoing, the effect on employment, on resource processing, on the utilization of parts, components and services produced in Canada and on exports from Canada;

• (b) the degree and significance of participation by Canadians in the Canadian business or new Canadian business and in any industry or industries in Canada of which the Canadian business or new Canadian business forms or would form a part;

• (c) the effect of the investment on productivity, industrial efficiency, technological development, product innovation and product variety in Canada, including, for greater certainty, the effect of the investment on any rights relating to intellectual property whose development has been funded, in whole or in part, by the Government of Canada;

• (d) the effect of the investment on competition within any industry or industries in Canada;

• (e) the compatibility of the investment with national industrial, economic and cultural policies, taking into consideration industrial, economic and cultural policy objectives enunciated by the government or legislature of any province likely to be significantly affected by the investment, and including, for greater certainty, the effect of the investment on the use and protection of personal information about Canadians; and

• (f) the contribution of the investment to Canada’s ability to compete in world markets.

Marginal note:Net benefit

• 21 (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) or (c) 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) or (c), 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.

Marginal note:Extension

• 22 (1) If none of subsections 21(2) to (8) apply and the Minister is unable to complete the consideration of an investment within the 45-day period referred to in subsection 21(1), the Minister shall, within that period, send a notice to that effect to the applicant and the Minister shall, subject to subsection (3) within 30 days from the date of the sending of the notice or within any further period that may be agreed on by the applicant and the Minister, complete the consideration of the investment.

• Marginal note:Notice

  (2) Subject to subsection (3), if, within the 30-day period referred to in subsection (1) or any further period that is agreed on under that subsection, the Minister is satisfied that the investment is likely to be of net benefit to Canada, the Minister shall, within that period, send a notice to that effect to the applicant.

• Marginal note:Extension

  (3) Subsections 21(2) to (8) apply to this section as though the 45-day period referred to in those subsections were the 30-day period referred to in subsection (1) or the further period as is agreed on under that subsection.

• Marginal note:Minister deemed to be satisfied

  (4) Subject to section 23, if the Minister does not send a notice under subsection (2) within the period referred to in that subsection or, if subsection (3) applies, within the 30-day period or agreed further period referred to in whichever of subsections 21(2) to (8) applies to this section by reason of subsection (3), then 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.