The Investment Canada Act (ICA) applies to all investments in Canada by non-Canadians. The Canadian government’s approach to investment reviews under the ICA has been shifting. While the review process previously focused on a pre-closing assessment of whether an investment was of net benefit to Canada, there is now a greater emphasis on identifying potential risks to Canada’s national security.
With this shift, several recent amendments to the ICA have significantly altered the national security review regime by broadening the scope of investments subject to filing requirements, introducing new factors to be considered in a national security review, and updating the way the ICA’s national security provisions are administered and enforced.
The Government of Canada’s approach under the ICA is intertwined with political considerations and concerns about Canada’s economic security. With Canada facing unprecedented trade and tariff tensions, the ICA is an important component of the government’s toolkit for fostering investment in Canada while simultaneously safeguarding Canadian interests. The ICA’s shifting role has important implications for Canadian businesses and foreign investors seeking to invest in Canada.
Our guide to trends in the review of foreign investments in Canada offers key takeaways to help businesses adapt and thrive in this changing regulatory landscape.
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