The Investment Canada Act (the Act or ICA) ensures that the most significant investments into Canada by non-Canadians benefit Canada's economy. The Act also allows the government to review foreign investments of any size to ensure they are not harmful to Canada's national security.
The Act aims to balance a positive investment climate to promote economic prosperity while safeguarding Canada from foreign actors that attempt to gain ownership or control of sensitive Canadian goods, technology, infrastructure, or personal data for purposes that could be injurious to Canada's national security.
Who does this apply to?
All non-Canadians who acquire control of an existing Canadian business or who wish to establish a new Canadian business are subject to this Act.
What may be required?
Non-Canadians must submit either a Notification or an Application for Review of the investment unless a specific exemption applies.
ICA resources
About the ICA
Forms and guidance
For more information
To find out more information about the Investment Canada Act or filing requirements, please consult our frequently asked questions or contact us directly.
What's new
- On March 5, 2025, Innovation, Science and Economic Development Canada announced updates to the Investment Canada Act’s Guidelines on the National Security Review of Investments.
- The net benefit review thresholds have been updated for 2025.
- The Investment Canada Act 2023-24 Annual Report is now available. Previous editions of the Annual Report are available in the archives.
- On November 6, 2024, ISED disclosed a decision resulting from a national security review under the Investment Canada Act.
- On October 30, 2024, the Minister of Innovation, Science and Industry made a statement on the net benefit review of the Cleveland-Cliffs acquisition of Stelco.
- Certain provisions of Bill C-34, An Act to amend the Investment Canada Act came into force on September 3rd, 2024. Please visit the Modernization page to learn more.
- On July 4, 2024, the Minister of Innovation, Science and Industry announced a new statement on the application of the Investment Canada Act as it relates to foreign direct investment in the critical minerals sector.
- On May 24, 2024, ISED disclosed a decision resulting from a national security review under the Investment Canada Act.
- On March 1, 2024, the Minister of Innovation, Science and Industry announced a new Investment Canada Act policy related to foreign direct investment in the Interactive Digital Media sector. The Minister of Canadian Heritage also announced a new Investment Canada Act policy on Foreign Investments in Cultural Businesses in the Interactive Digital Media Sector. The Department of Canadian Heritage also recently provided a clarification regarding the application of the Related Business Guidelines to foreign investments in Canada's cultural sector