Originally published in Blakes Bulletin on Competition,
Antitrust & Foreign Investment, January 2012
The Investment Canada Act (ICA) is a federal statute of
broad application regulating the establishment and acquisition of
control of Canadian businesses by non-Canadians. For the purposes
of the ICA, a "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.
Direct acquisitions of control of Canadian businesses by
non-Canadians are reviewable under the ICA where certain financial
thresholds are met. With respect to a direct acquisition by a
"WTO investor" (that is, an investor controlled by
persons who are citizens of WTO member countries), Industry Canada
has announced an increase in the book value of assets threshold
which triggers a review requirement. The new threshold, which is
effective for 2012, is C$330-million. The previous threshold was
The threshold for acquisitions by non-WTO investors and for
acquisitions by non-Canadians of Canadian cultural businesses
remains unchanged at C$5-million.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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