Non-Canadians who acquire control of an existing Canadian business or who wish to establish a new Canadian business are subject to the Investment Canada Act, which requires them to submit either a Notification or an Application for review by the government. The purpose of the Investment Canada Act is "to provide for the review of significant investments in Canada by non-Canadians in order to ensure such benefit to Canada" (s. 2). Industry Canada is the department responsible for the administration of the act with respect to all investments except those that fall within a prescribed type of business activity as set out in Schedule IV of the Investment Canada Act. With respect to investments that fall within a Schedule IV prescribed business activity, the Department responsible for the administration of the Act is the Department of Canadian Heritage.

What’s available online for clients?

Information services:

Information about the Investment Canada Act and Regulations;

Notification to acquire control of an existing Canadian business and notification to establish a new Canadian business;

Review processes and thresholds for review;

Forms, guidelines, interpretation notes and administration documents;

Decisions;

Statistics; and

A toolkit to help in the investment process.

Clients and benefits of online service

Clients:

Private sector Canadian lawyers who submit applications on behalf of non-Canadians, foreign investors and their representatives.

Benefits:

Easier access to current and updated information (e.g. thresholds change yearly and determine the type of form).